Markets

Here's what happened to the stock market on Thursday

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Record job gains not telling whole story as virus hot spots emerge: Fernandez

Dow Jones Industrial Average jumps 92 points

The Dow gained 92.39 points, or 0.36%, to close at 25,827.36. The S&P 500 climbed 0.45% to 3,130.01. The Nasdaq Composite rose 0.52% to 10,207.63. A massive spike in U.S. jobs creation sparked a rally on Wall Street to end the holiday shortened week.

Record jobs report

Wall Street started the session with sharp gains after the government reported that a record 4.8 million jobs were created in June. Economists were expecting 2.9 million jobs were created. The unemployment rate fell to 11.1% from 13.3% in May. Economists were expecting a rate of 12.4%, according to Dow Jones. "What we've seen in May and June is a blueprint for a fast recovery, but only once the virus situation is under control," said one economist

Boeing gains, cruises fall

Boeing shares rose 0.27% after the company said it completed FAA recertification flights for its 737 Max jet. Cruise operators fell, however, after a record spike of cases in Florida. Carnival gained 2.93%; Norwegian Cruise Line and Royal Caribbean advanced 2.74% and 2.60%, respectively.

What happens next?

The ISM non-manufacturing index is set for release Monday morning.

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