S&P Closes Out Winning Week at Record High
U.S. stocks climbed on Friday as the key May jobs report showed solid gains, boosting confidence in the economic comeback.
The Dow Jones Industrials leaped 179.35 points at 34,756.39
The S&P 500 gathered 37.04 points to 4,229.89.
The NASDAQ jumped screamed higher 199.98 points, or 1.5%, to 13,814.49.
The major averages all registered modest gains for the week. The blue-chip Dow moved up 0.7% and the S&P 500 advanced 0.6% on the week for their second straight positive week. The tech-heavy NASDAQ gained 0.5% this week for its third winning week in a row.
Meme stocks continued their wild prices swings on Friday, but this time to the downside. AMC Entertainment ended the session down 6.7%, but still gained more than 80% this week. BlackBerry fell 12.7% Friday, paring its rally this week to 37%.
The U.S. economy added 559,000 jobs in May, the Labor Department said on Friday. The number came in slightly lower than an estimate of 671,000 from economists surveyed by Dow Jones, but still showed a healthy rebound in the labour market as it’s up from a disappointing 266,000 payrolls added in April.
The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. Many believe the jobs report, while solid, is not strong enough to trigger the Federal Reserve to dial back its bond buying program.
Prices for 10-Year Treasurys hiked, lowering yields to 1.56% from Thursday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices gained 57 cents to $69.38 U.S. a barrel.
Gold prices grabbed $20.70 to $1,894.00 U.S. an ounce.