Dow Jones jumps 443 points on strong labor data
Wall Street finished ended the week on a strong note as a better-than-expected U.S. jobs report boosted investor confidence.
The Dow Jones Industrial Average surged 443 points (1.05%) to lead Friday’s gains among major indices.The S&P 500 advanced 1.03%, closing above the 6,000 level for the first time since February. The Nasdaq Composite climbed 1.2%, dsriven by a rebound in major tech stocks.
The S&P 500 and Dow are both up over 1% for the week, while the Nasdaq gained more than 2%.
The U.S. economy added 139,000 jobs in May, beating estimates of 125,000, data from the Bureau of Labor Statistics showed. The unemployment rate remained unchanged at 4.2% while wage growth came in slightly better than expected. It is reasonable to conclude we are facing a resilient labor market despite tariff and trade uncertainty, and political turmoil at the White House.
Trump vs. Powell on rates
Despite the strong data, President Donald Trump renewed his call for the Federal Reserve to cut interest rates by a full percentage point, labeling Fed Chair Jerome Powell a drag on the economy. Trump may not get what he wants as the markets are currently pricing in no chance of a cut at the June meeting. Meanwhile, the odds of a September cut dipped from 74% to 62% after Friday’s report.
Meanwhile, Trump announced U.S.-China trade talks will resume in London next week and it will be led by the President’s point man, Treasury Secretary Scott Bessent.
Next week’s trading action will be dictated by inflation data and the Fed’s June policy meeting.
