Search ForexCrunch
  • Upbeat US jobs report helps Wall Street extend the rally on Friday.
  • Nonfarm Payrolls unexpectedly rose by 2.5 million in May.
  • S&P 500 is gaining more than 2% in the early trade. 

Major equity indexes in the US started the last day of the week on a strong footing on the back of upbeat labor market data. As of writing, the S&P 500 was up 2.13% on the day at 3,178 points, the Dow Jones Industrial Average was gaining 2.8% at 27,013 points and the Nasdaq Composite was rising 1.05% at 9,730 points.

Jobs figures lift stocks on Friday

The monthly data published by the US Bureau of Labor Statistics revealed that Nonfarm Payrolls in May increased by 2.5 million and beat the market expectation for a decline of 8 million by a wide margin. Moreover, the Unemployment Rate, which was expected to rise to 19.8%, fell to 13.3% from 14.7%.

Among the 11 major S&P 500 sectors, the Energy Index is up nearly 7% boosted by 4.5% increase in crude oil prices. Additionally, the Financials Index and the Industrials Index both gain more than 4%. Consumer Staples is the only index that is up less than 1% in the early trade.