Stocks jumped Friday after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed.
Economists cautioned that it’s just one month of data and that many risks still loom on the long road to a full recovery. But the report gives some credence to the optimism that’s been building among stock investors that the economy can climb out of its current hole faster than forecast. That hope has been a big reason for the S&P 500’s rally of more than 40% since late March.
The S&P 500 rose 81.58 points, or 2.6%, to 3,193.93.
The Dow Jones Industrial Average gained 829.16, or 3.2%, to 27,110.98.
The Nasdaq composite rose 198.27, or 2.1%, to 9,814.08.
The Russell 2000 index of small company stocks gained 55.09, or 3.8%, to 1,507.15.
For the week:
The S&P 500 is up 149.62 points, or 4.9%.
The Dow is up 1,727.87 points, or 6.8%.
The Nasdaq is up 324.21 points, or 3.4%
The Russell 2000 is up 113.12 points, or 8.1%.
For the year:
The S&P 500 is down 36.85 points, or 1.1%.
The Dow is down 1,427.46 points, or 5%.
The Nasdaq is up 841.48 points, or 9.4%
The Russell 2000 is down 161.32 points, or 9.7%.