- Major US equity indexes continue to push higher on Friday.
- Unemployment Rate in US jumped to 14.7% in April.
- Energy shares rise on the back of recovering crude oil prices.
Wall Street’s main indexes opened the day higher on Friday as investors shrugged off the historically bad jobs report. As of writing, the Dow Jones Industrial Average was up 1.3% on the day while the S&P 500 and the Nasdaq Composite were gaining 1.05% and 0.62%, respectively.
US stocks look to end week on firm footing
The data published by the US Bureau of Labor Statistics showed that Nonfarm Payrolls in the US declined by more than 20 million in April. Moreover, the Unemployment Rate surged to 14.7% from 4.4% in March. However, the fact that the NFP reading was better than expected allowed the market sentiment to remain upbeat.
Among the 11 major S&P 500 sectors, all of which trade in the positive territory, the Energy Index is up 2.1% as the top performer on the back of a 2.5% increase in US crude oil prices.
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