Fewer U.S. jobs were lost in April than economists feared and the unemployment rate unexpectedly improved, raising hopes an economic downturn was not gathering steam as the second quarter opened.

The Labor Department said on Friday that 20,000 jobs were shed last month, far fewer than the 80,000 that economists had anticipated.

Stocks rallied on the jobs report, though the gains were pared in late morning. The dollar's value gained against other key currencies on the possibility that interest rates will not keep falling. Oil prices also rose on speculation the US economy won't slow further, boosting demand for crude.

That leads to our Fast Money Reader Poll. Do you think the economy has hit bottom?

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