Posted on 06/05/20
| News Source: FOX Business
The Nasdaq Composite surged to a record high Friday after the U.S. economy unexpectedly added jobs in May as businesses began reopening their doors following lockdowns ordered to slow the spread of COVID-19.
The tech-heavy Nasdaq touched an intraday all-time high of 9,842, and must close above 9,817.18 to finish the session in record territory. The Dow Jones Industrial Average advanced 953 points, or 3.63 percent, while the S&P 500 rallied 2.9 percent.
The U.S. economy added 2.51 million jobs in May as the unemployment rate fell to 13.3 percent, according to a report released Friday morning by the Labor Department. Wall Street analysts surveyed by Refinitv were expecting the economy to lose 8 million jobs as the unemployment rate spiked to 19.8 percent.
President Trump, who posted an enthusiastic tweet afterward, praised the strength of the U.S. economy in a Rose Garden news conference and said 2021 would be its best year yet. Read more at FOX Business