It has been another glorious week at Wall Street as the Dow Jones shined amid results coming from job reports. The Dow Jones Industrial Average rose to 829.16 points or 3.1% to close the trading week. The S&P 500 followed suit with a close at 3,193.93, which gained 2.6%.
The end of week gains placed the S&P 500 up more than 45% from a March 23 intraday low and less than six percent from its February 19 record.
This could be the sign of hope that investors and traders are waiting for in anticipation of an economic recovery.
As the Dow Jones expressed a strong rally to end the week, the U.S. stocks performed exceptionally well.
However one of the experts expressed caution regarding the matter as JJ Kinahan, chief market strategist at TD Ameritrade told CNBC:
“We’re having an unbelievable day […] The one thing I’m still cautious on is this incredible optimism trade is being driven without any earnings yet to support it.”
As for the financial sector that was decimated during the pandemic, gains were also present after the released jobs report showed a quick bounce back for the economy.
Citigroup, Wells Fargo, JPMorgan Chase, and Bank of America rose at almost 5%.
As per CNBC, U.S. employment skyrocketed by 2.5 million in May, and the jobless rate declined to 13.3%, according to recent data from the Labor Department exceeding analysts’ expectations.
Economists polled by Dow Jones expected payrolls to plummet by 8.33 million, and the unemployment rate skyrocket to almost 20% from April’s 14.7%.
In an unexpected turn of events, May’s numbers may be a good sign for the U.S. on its road to recovery after its fastest plunge in history.
President Donald Trump also took his praises to Twitter praising Jim Cramer and the rest of CNBC for reporting that the market was right.
Investors shall see next week if the positive rally brought about by the Dow Jones will sustain moving forward.
Featured image courtesy of David Vives/Pixabay
The Australian Competition and Consumer Commission has had a significant win against Google. The Federal…
COVID-19 lockdowns were a huge disruption for Australian universities. With students unable to come to…
Jennifer Garner and Ben Affleck are allegedly closer to each other after their divorce, according…