Wall Street surges after a strikingly upbeat May jobs report

Asia markets mixed after Wall Street rises on better US data

Asia markets mixed after Wall Street rises on better US data

United States stocks soared on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the USA economy is headed for a quick recovery from the coronavirus pandemic.

"It would suggest a further confirmation the economy is coming back online", Arone added. At one point this year, the broader market index was down 30.3%.

Wall Street analysts surveyed by Refinitv were expecting the economy to lose 8 million jobs as the unemployment rate spiked to 19.8 percent.

The broad-based S&P 500 jumped 2.6 per cent to 3,193.93, while the tech-rich Nasdaq Composite Index climbed 2 per cent to 9,814.08, narrowly missing an all-time high. New jobs data for May defied expectations with a surprise turnaround.

Boeing Co also surged 11.5 percent on hopes of a pickup in air travel a day after American Airlines Group Inc and United Airlines said they would boost their USA flight schedules in July.

Shares of luxury retailer Tiffany & Co jumped 6.5% after Reuters reported LVMH's $16.2-billion takeover deal was back on track.

Advancing issues outnumbered declining ones on the NYSE by a 3.81-to-1 ratio; on Nasdaq, a 2.26-to-1 ratio favored advancers.

The S&P 500 posted 32 new 52-week highs and no new lows; the Nasdaq Composite recorded 96 new highs and four new lows. The recovery for the economy is likely to be much slower than the sharp rebound the stock market has just undertaken, which could be setting investors up for disappointment. Economists say it may show a loss of 8 million jobs, which would be a deceleration from April's loss of 20.5 million jobs.

"There is growing confidence the US economy can safely re-open, much as other economies such as China and Italy have successfully done", said David Carter, chief investment officer at Lenox Wealth Advisors in NY.

DC Mayor Bowser unveils 'Black Lives Matter Plaza' near White House
The back and forth between Bowser and Trump intensify over the last few days as demonstrations continued to swell in the streets. So far, Bowser has not publicly replied to either Trump or the Black Lives Matter city chapter.

MSCI's gauge of stocks across the globe gained 2.04%.

A spate of grim economic data was not as bad as economists feared, with ADP reporting many fewer private-sector job cuts in May than expected.

In energy markets, benchmark USA crude lost 68 cents to $36.61 per barrel in electronic trading on the New York Mercantile Exchange.

The yield on the 10-year Treasury rose to 0.82% from 0.81% late Thursday after rising decisively during the day.

"The sell-off in the bond market in the last few weeks seems to be justified", said Subadra Rajappa, head of USA rates strategy at Societe Generale.

Tokyo's Nikkei 225 index gained 0.4% to 22,790.65 after opening lower.

Companies that would most benefit from a growing economy led the market Wednesday, continuing a recent trend as hopes rise that the economy and life in general can become closer to normal as business-shutdown orders lift.

Hopes for an economic recovery sent oil prices surging.

Shares were mostly higher in Asia on Friday after US unemployment data gave the S&P 500 its first loss in five days.

Recommended News

  • Broadway star Nick Cordero is getting 'slightly, slightly better' each day

    Broadway star Nick Cordero is getting 'slightly, slightly better' each day

    Nick Cordero's wife Amanda Kloots says that he's still fighting against Coronavirus even after the doctors have given up on him. Kloots and shown unwavering positivity, courage, and perseverance through what has clearly been a hard time for her family.
    Cate Blanchett suffers head injury after chainsaw accident

    Cate Blanchett suffers head injury after chainsaw accident

    Cate Blanchett has been left with a cut to her head following a chainsaw accident at her home in East Sussex during the lockdown. Speaking to former Australian Prime Minister Julia Gillard on her podcast, " A Podcast of One's Own ", she said: "I'm fine".
    Dwayne Johnson Slams Trump In Powerful Speech: 'Our Country Is Crippled'

    Dwayne Johnson Slams Trump In Powerful Speech: 'Our Country Is Crippled'

    All lives matter because we, as Americans, we believe in inclusivity, we believe in acceptance, we believe in human rights. But, I am a man and a father who cares deeply about my family and children and the world they live in. "That's who I am".
  • Chancellor reveals a Self-employed Scheme

    Mr Sunak said the scheme covered 95% of self-employed people for whom the majority of their earnings come from that work. The chancellor said figures will be calculated using average monthly profits over last three financial years.
    Norwich City openign game and FA Cup v Manchester Unuted details

    Norwich City openign game and FA Cup v Manchester Unuted details

    The Premier League is back, and Sky Sports has launched a variety of new innovations to make your viewing experience even better. Interestingly, the suspended FA Cup quarterfinal tie between Chelsea and Leicester is also planned to take place in June.
    All Blacks great Dan Carter to make surprise return with Blues

    All Blacks great Dan Carter to make surprise return with Blues

    Dan Carter returned to New Zealand after the Covid-19 pandemic ended his stint with Japanese Top League side Kobelco Steelers. With six games in 18 months and three months of no rugby training, it's going to take time to get up to speed.
  • Man shot by police was 'kneeling, raising hands'

    Man shot by police was 'kneeling, raising hands'

    His last message to them was a group text urging them to sign a petition calling for justice for George Floyd . At the same time, officers spotted Monterrosa near the building, with what appeared to be a weapon, he said.
    Mexico overtakes United States  coronavirus daily deaths, sets records

    Mexico overtakes United States coronavirus daily deaths, sets records

    These were the details of the news Mexico overtakes United States coronavirus daily deaths, sets records for this day. A Reuters investigation concluded that fatalities could be 2.5 times higher than reported.
    Donald Trump rips Drew Brees for kind of apologizing

    Donald Trump rips Drew Brees for kind of apologizing

    This could not be further from the truth, and is not an accurate reflection of my heart or my character. "We should be standing up straight and tall, ideally with a salute, or a hand on heart", Trump wrote.
  • McHenry County reports 4 additional deaths, 20 new coronavirus cases

    McHenry County reports 4 additional deaths, 20 new coronavirus cases

    An Associated Press story on June 1 noted that reports of nursing home deaths are partial at this stage, and likely to go higher. Federal officials acknowledged there may be inaccuracies because nursing homes just started reporting the data last month.
    World Health Organization  updates guidelines on wearing masks

    World Health Organization updates guidelines on wearing masks

    Those over 60 and with underlying conditions should wear medical masks in such situations, the director-general said. The guidelines specify that the masks should have three particular layers, and should be worn and cleaned properly.
    Marshall County, Pulaski County COVID-19 Cases Continue to Rise

    Marshall County, Pulaski County COVID-19 Cases Continue to Rise

    Northumberland County has two new cases at 201 and three deaths, and Montour remains with 53 cases. McHenry County now has had 1,672 cases of COVID-19 and 78 deaths, according to the MCDH.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.