The Dow gained 445.43 points, or 1.91%, to close at 24,331.32. The S&P 500 climbed 1.69% to 2,929.80. The Nasdaq Composite advanced 1.58% to 9,121.32. Stocks rose sharply even after the ugliest monthly jobs report on record as investors bet the worst of the coronavirus and its impact on the economy has passed.
The Labor Department said a record 20.5 million jobs were lost last month, and the unemployment rate jumped to 14.7% from just 4.4%. Both the spike in job losses and the unemployment-rate surge are post-World War II records. To be sure, neither print was as bad as feared. Economists polled by Dow Jones expected a loss of 21.5 million jobs and an unemployment rate of 16%. "You have investors that seem to be able to look through the tsunami of negative economic data and earnings and towards the potential for a gradual reopening of the economy," said Art Hogan, chief market strategist at National Securities.
Stocks of companies that would benefit from the economy reopening rose on Friday. MGM Resorts closed 4.42% higher while Disney advanced 3.40%. Delta and American Airlines advanced 4.8% and 6.29%, respectively, while United jumped 11.74%.
Investors will keep an eye out for the latest coronavirus-related news throughout the weekend.
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