Stocks Surge After Jobs Data
Stocks surged in trading on Friday following the release of May nonfarm payrolls data. The U.S. economy added 175,000 jobs in May. The jobs data suggests that while the labor market is recovering, the recovery is not strong enough for the Federal Reserve to start easing its $85 billion a month bond buying program anytime soon. This lifted market sentiment on Friday, and pushed all three major indexes sharply higher.
The Dow Jones ended the day 1.38% higher at 15,248.12, the S&P 500 ended the day 1.28% higher at 1,643.38, and the Nasdaq ended the day 1.32% higher at 3,469.22.
For the week, the Dow Jones rose 0.88%, the S&P 500 rose 0.78%, and the Nasdaq rose 0.39%.
All sectors in the S&P 500 except Basic Materials ended the day in green. Industrials led the gains, ending the day 1.44% higher. Financials rose 1.31%, while Technology sector rose 1.12%. Energy sector ended the day 0.63% higher. Basic Materials sector ended the day 0.29% lower.
Among the major movers on Friday were Pilgrim’s Pride Corporation (NASDAQ: PPC), which ended the day 22.02% higher at $14.13, Thor Industries Inc. (NYSE: THO), which ended the day 11.93% higher at $46.16, and TiVo Inc. (NASDAQ: TIVO), which ended the day 19.04% lower at $11.10.
European markets ended mostly higher on Friday, with the FTSE 100 Index in London closing 1.20% higher, and the CAC 40 Index in Paris closing 1.53% higher. Asian markets ended mostly lower overnight, with the Nikkei 225 Index in Japan closing 0.21% lower, and the Hang Seng Index in Hong Kong closing 1.21% lower.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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