Stocks rushed higher after a strong report on the U.S. job market eased Wall Street’s worries about a possible recession.
The S&P 500 jumped 1.5% Friday, while the Dow soared 701 points. The rally brought the S&P 500 nearly 20% above a low hit in October. It’s on the edge of entering a new bull market.
The rally built after a report showed unexpectedly strong hiring last month. At the same time, increases for workers’ pay slowed. That could mean the economy remains strong enough to avoid a recession without adding too much upward pressure on inflation.
On Friday:
The S&P 500 rose 61.35 points, or 1.5%, to 4,282.37.
The Dow Jones Industrial Average rose 701.19 points, or 2.1%, to 33,762.76.
The Nasdaq composite rose 139.78 points, or 1.1% to 13,240.77.
The Russell 2000 index of smaller companies rose 62.97 points, or 3.6%, to 1,830.91.
For the week:
The S&P 500 is up 76.92 points, or 1.8%.
The Dow is up 669.42 points, or 2%.
The Nasdaq is up 265.08 points, or 2%.
The Russell 2000 is up 57.88 points, or 3.3%.
For the year:
The S&P 500 is up 442.87 points, or 11.5%.
The Dow is up 615.51 points, or 1.9%.
The Nasdaq is up 2,774.28 points, or 26.5%.
The Russell 2000 is up 69.66 points, or 4%.
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