Stock Market News – U.S. stocks end higher as jobs report calms inflation fears
U.S. stocks closed higher Friday after the May nonfarm-payrolls report showed a less-than-expected gain, leading investors to bet that the Federal Reserve will maintain its easy-money policies for longer.
The Dow Jones Industrial Average rose 179.35 points, or 0.5%, at 34,756.39. The S&P 500 index advanced 37.04 points to 4,229.89, a gain of 0.9%. The Nasdaq Composite Index rose 200 points, or 1.5%, to 13,814.49.
The U.S. economy added 559,000 jobs in May, the Labor Department said on Friday. The number came in slightly lower than an estimated from economists, but still showed a healthy rebound in the labor market. It’s an improvement from the upwardly revised 278,000 payrolls added in April.
The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate. As per reports, the jobs report, while solid, is not strong enough to trigger the Federal Reserve to dial back its bond buying program.
Meanwhile, a report on Friday showed that U.S. factory orders slipped in April 0.6%, the Commerce Department said Friday.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)