Wall Street surged on Friday, and the Nasdaq was on course to set a new record closing high after the May jobs provided an astounding upside surprise and the clearest evidence yet that the U.S. economy is bouncing back sooner than expected from pandemic-related lockdowns.
FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson
“It has confirmed what many folks were suggesting - that the effects on the labor market from the pandemic were temporary and that when the economy reopened and the infection rates started to diminish, that these jobs would come back.”U.S. Treasury yields rose on the jobs data, giving a boost to interest rate-sensitive banks and sending the S&P 500 Banks index up 5.5%.
Market participants now turn their focus to the U.S. Federal Reserve, at whose monetary policy meeting next week the latest jobs data will almost certainly be discussed. Small caps and transportation stocks also outperformed, with the Russell 2000 and Dow Transportation up 4.7% and 3.9%, respectively.
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