Stocks surged higher after a positive report on the U.S. employment market eased Wall Street’s concerns about a possible economic recession.
S&P 500 rose 1.5% on Friday, while Dow gained 701 points. S&P 500 is now nearly 20% higher than its October low. The market is on the verge of a new bull run.
A report revealed that hiring was unexpectedly high last month. During the same period, wage increases for employees slowed. This could indicate that the economy is strong enough to prevent a recession, without adding too much upwards pressure on inflation.
The S&P500 rose by 61.35, or 1.5% to 4,282.37.
The Dow Jones Industrial Average increased by 701.19 points or 2.1% to 33,762.76.
The Nasdaq Composite rose 139.78, or 1.1%, to 13,240.77.
The Russell 2000 index for smaller companies increased 62.97 or 3.6% to 1,830.91.
This week's theme:
The S&P500 is up by 76.92, or 1.8%.
The Dow has gained 669.42 or 2%.
The Nasdaq has gained 265.08 points or 2%.
The Russell 2000 has gained 57.88 or 3.3%.
The S&P500 is up by 442.87 points or 11.5%.
The Dow has gained 615.51 point, or 1.9%.
The Nasdaq has gained 2,774.28 or 26.5%.
The Russell 2000 has gained 69.66 or 4%.