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 jumped 118.19 points at 34,695.23
The S&P 500 was ahead 26.27 points to 4,219.12
The NASDAQ popped 158.77 points, or 1.2% to 13,773.57.
Meme stocks continued their wild prices swings on Thursday, especially AMC Entertainment. The movie theater chain’s stock swung between losses and gains after shedding 18% in the previous session. BlackBerry also traded lower Friday, but shares are still up more than 50% on the week.
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 1.58% from Thursday’s 1.63%. Treasury prices and yields move in opposite directions.
Oil prices gained 46 cents to $69.27 U.S. a barrel.
Gold prices grabbed $20.70 to $1,894 U.S. an ounce.