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CNBC FinanceJun 05, 2020
Blowout jobs report shows 'big hedge fund guys' got it wrong and the market was right, says Cramer
Numerous big-name hedge fund managers have been skeptical of the stock market's swift bounce back from its March low.

MarketWatch MarketPulseJun 05, 2020
Energy, financials ETFs rally Friday
Exchange-traded funds made up of energy and financial stocks surged Friday morning after an unexpectedly strong U.S. payrolls report. The Financial Select Sector SPDR Fund popped nearly 7% in the first half hour of trading, while the Energy Select Sector SPDR Fund rose nearly 4%. It was the biggest one-day move for XLE in three weeks, which is still down more than 25% in the year to date. XLF is down nearly 15% in that period. Investors are finding value in sectors of the economy that have suffered more under the coronavirus lockdowns, and which are more likely to outperform as the economy recovers sooner than expected, as the jobs report signals.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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