Stocks rose on Thursday as investors cheered a bigger-than-expected increase in jobs in June as the economy tries to claws back from the coronavirus shutdown.
The Dow Jones Industrials popped 227.58 points by noon time at 25,962.55.
The S&P 500 gained 30.45 points, or 1%, to 3,146.31.
The NASDAQ Composite hiked 133.09 points, or 1.1%, to 10,267.72, a new record high.
Boeing contributed to the gains, rising 0.6% after the airplane maker completed recertification flights for its grounded 737 Max jet.
The major averages, however, cut their gains after Florida reported a one-day spike of more than 10,000 coronavirus cases. The U.S. also reported a record of more than 50,000 cases in one day on Wednesday.
Stocks that would benefit from an economic reopening rolled over. United Airlines and American traded slightly lower after jumping earlier in the day. Cruise operators Carnival, Norwegian Cruise Line and Royal Caribbean were down at least 0.2% each.
The government’s June jobs report showed 4.8 million jobs were created. Economists were expecting 2.9 million jobs were created. The unemployment rate fell to 11.1% from 13.3% in May. Economists were expecting a rate of 12.4%.
Last month, economists forecast a loss of 8 million jobs in May and the economy gained 2.5 million payrolls instead.
Meanwhile, weekly jobless claims data was released Thursday morning.
The U.S. Labor Department said Thursday that initial jobless claims stateside rose by 1.427 million in the week ending June 27. Economists expected initial U.S. jobless claims to rise by another 1.38 million, down from 1.48 million the week earlier.
U.S. markets will be closed on Friday for the July Fourth holiday.
Prices for the 10-Year Treasury gained ground, lowering yields to 0.67% from Wednesday’s 0.68%. Treasury prices and yields move in opposite directions.
Oil prices took on 35 cents to $40.17 U.S. a barrel.
Gold prices added $10.70 to $1,790.60 U.S. an ounce.