The Dow Jones Industrial Average closed at 27,110.98 on Friday with a gain of 829.16 points or 3.15%. The S&P 500 closed at 3,193.93 for a gain of 81.58 points or 2.62%. The Nasdaq Composite closed at 9,814.08 for a gain of 198.27 points or 2.06%. The VIX Volatility Index was lower at 24.18 for a loss of 1.63 points or -6.32%.
Friday’s market movers
U.S. indexes jumped on Friday after a much better-than-expected May jobs report. The labor market added 2.509 million jobs, beating the estimate of -8.870 million. The unemployment rate decreased to 13.3% from 14.7% and beat the estimate of 19.5%.
The energy sector also helped the day’s gains with the S&P 500’s energy sector increasing 7.43%. OPEC+ is reportedly nearing an agreement to extend its production cuts agreement.
Data from the May jobs report showed the following:
- Non-farm payrolls increased 2.509 million, beating the estimate of -8.870 million.
- The unemployment rate was 13.3%, down from 14.7% and beating the estimate of 19.5%.
- Private non-farm payrolls increased by 3.094 million.
- Manufacturing payrolls increased by 225,000.
- Government payrolls decreased by 585,000, beating the estimate of -1.120 million.
- Average hourly earnings decreased by 1% and showed an increase of 6.7% year over year.
- Average weekly hours increased to 34.7 from 34.2.
- The participation rate increased to 60.8% from 60.2%.
Other economic reports affecting market trading included the following:
- The Baker Hughes North American oil rig count decreased to 305 from 321.
- Consumer credit outstanding decreased by $68.78 billion in April.
In the S&P 100, the following stocks led gains:
- Occidental Petroleum (OXY, Financial) 33.89%
- Simon Property Group (SPG, Financial) 15.17%
- Boeing (BA, Financial) 11.79%
- Ford (F, Financial) 11.72%
- Halliburton (HAL, Financial) 10.37%
- ConocoPhillips (COP, Financial) 9.04%
- Schlumberger (SLB, Financial) 8.04%
- Exxon (XOM, Financial) 7.87%
- Raytheon Technologies (RTX, Financial) 6.80%
- Citigroup (C, Financial) 5.55%
Small-cap stocks
In small caps, the Russell 2000 closed at 1,507.15 for a gain of 55.09 points or 3.79%. The S&P 600 closed at 899.33 for a gain of 37.88 points or 4.40%. The Dow Jones U.S. Small-Cap Growth Index closed at 10,272.93 for a gain of 287.20 points or 2.88%. The Dow Jones U.S. Small-Cap Value Index closed at 7,745.56 for a gain of 363.18 points or 4.92%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 1,911.15 for a gain of 58.95 points or 3.18%; the S&P 100 at 1,448.33 for a gain of 35.25 points or 2.49%; the Nasdaq 100 at 9,824.39 for a gain of 194.73 points or 2.02%; the Russell 3000 at 1,864.22 for a gain of 48.13 points or 2.65%; the Russell 1000 at 1,767.94 for a gain of 44.43 points or 2.58%; the Wilshire 5000 at 32,544.64 for a gain of 832.29 points or 2.62%; and the Dow Jones U.S. Select Dividend Index at 635.85 for a gain of 19.22 points or 3.12%.
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