Traders work on the floor of the New York Stock Exchange on March 09, 2020.
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Dow Jones Industrial Average rallies 829 points
The Dow rallied 829.16 points, or 3.15%, to close at 27,110.68. The S&P 500 jumped 2.62% to 3,193.93. The Nasdaq Composite surged 2.06% to hit a record high and close at 9,814.08. A record surge in U.S. jobs sent stocks flying as traders cheered the prospects of the economy reopening.
A record 2.5 million jobs added
U.S. employers added a shocking 2.5 million jobs last month — the largest gain on record — while the unemployment rate slid to 13.3%, the Labor Department said Friday. Economists polled by Dow Jones expected a drop of more than 8 million jobs and the unemployment rate to nearly reach 20%, which would have been the highest since the 1930s. “I think there were a lot of people who felt that the layoffs would be permanent and it’s obvious that there’s so much demand that people have to bring people back,” CNBC’s Jim Cramer said.
Airlines and banks rally
Shares of American Airlines led the way higher for stocks, surging 11.18%. Delta and United Airlines advanced 5.5% and 8.45%, respectively. Bank stocks also rose broadly, with JPMorgan Chase, Bank of America, Citigroup and Wells Fargo all gaining at least 4.5%.
What happens next?
Job opening and wholesale inventory data are set for release next week.
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A record surge in U.S. jobs sent stocks flying as traders cheered the prospects of the economy reopening.