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Most black families will not see the benefit from a historic stock market rally, one that has persisted despite a global pandemic and nationwide protests.
Stocks spiked on Friday after data showed the coronavirus-stricken U.S. economy unexpectedly added jobs in May.
After nailing the market's recovery, Fundstrat's Tom Lee is predicting hard hit stocks can carry the S&P 500 to new highs.
Experts on the markets and economy weigh in on the U.S. economy following a surprise May jobs report.
The stock market continued its remarkable rally on Friday, thanks to a blowout jobs report and general optimism about the economic recovery as states continue to reopen. The financial sector was one of the market's strongest performers, and big bank stocks in particular were having a strong day. Citigroup (NYSE: C) was leading the group with an 8% gain, while Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), and U.S. Bancorp (NYSE: USB) were all up by more than 6%.
On Friday, the U.S. Labor Department reported an increase in nonfarm payrolls of 2.5 million for the month of May, nowhere close to the decline of 8 million jobs that economists were expecting. The unemployment rate was also far better than expected, coming in at 13.3% in May. That's down from 14.7% in April, and well below forecasts calling for an unemployment rate of nearly 20%. The surprise gain in jobs sent the Dow Jones Industrial Average (DJINDICES: ^DJI) flying on Friday.
Benchmarks closed mixed on Thursday, as investors struggled with poor jobs data and a selloff among tech shares.
Wall Street surged on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the U.S. economy is headed for a quicker-than-anticipated recovery. The Nasdaq breached its all-time closing high reached in February but pared its gains to end the session a hair's breadth below it. The S&P 500 and the Dow are now 5.7% and 8.3% below their respective closing records.
The May jobs report showed an unexpected rise in the number of non-farm payrolls in the economy and a drop in the unemployment rate from April.
Top news and what to watch in the markets on Friday, June 5, 2020.
For weeks, critics said Wall Street’s big rally made no sense when the economy seemed set for only more despair. The S&P 500 jumped another 2.6% after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed. Employers added 2.5 million workers to their payrolls, when economists were expecting them instead to slash another 8 million jobs.
U.S. stocks are set to open higher Friday, continuing the recent bullish rally ahead of the release of the official monthly employment report. At 7 AM ET (1100 GMT), S&P 500 Futures traded 24 points, or 0.8%, higher, Nasdaq Futures up 32 points, or 0.3%. The Dow Futures contract rose 307 points, or 1.2%.
Asian stocks were set to hold tight ranges on Friday after a mixed Wall Street session and as investors awaited key U.S. jobs data while sustained hopes about a global economic recovery kept pressure on the safe-haven dollar. The week's global equity rally lost some steam on Thursday as traders took winnings from seven days of gains, backing away ahead of Friday's nonfarm payrolls data, which is expected to show further deterioration in the U.S. jobs market. Hong Kong's Hang Seng index futures <.HSI> <HSIc1> lost 0.55%.
An unexpected jump in U.S. employment sent world equities and oil surging on hopes that the global economy has started to recover from the coronavirus pandemic, pulling investors out of perceived safe havens like government bonds and gold. U.S. nonfarm payrolls rose by 2.509 million jobs last month after a record plunge of 20.687 million in April. The index is now down 4.5% for the year to date and trading at its highest level since early March, before the U.S. economy went into lockdown in an effort to slow the spread of the novel coronavirus.
As the S&P 500 (^GSPC) hovers around 40% from its March 23rd low, one veteran strategist is reminded of the massive rally that took place when the markets were emerging from the financial crisis 11 years ago.
Stocks struggled to cobble together a fifth straight day of gains as data showed new unemployment claims totaled another 1.877 million last week.
A major airline is ramping up flights for the summer as demand returns, and Intel's new midrange PC chip gets a positive review.
The Nasdaq joined the S&P 500 in negative territory, while the blue-chip Dow posted a nominal gain. "We were pretty overvalued going into this week," said Chris Zaccarelli, chief investment officer, Independent Advisor Alliance, Charlotte, NC.
Early on, it looked as though Thursday would continue the long winning streak for the stock market. For the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC), however, modest losses were in the cards as investors seemed to curb their enthusiasm after a huge bull market run. For the second day in a row, IPO stocks were in the news, and this time, ZoomInfo Technologies (NASDAQ: ZI) was the star of the show.