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MarketWatch MarketPulseJun 05, 2020
Dow surges 700 points at open after data surprise shows U.S. economy adding 2.5 million jobs in May
U.S. stocks posted huge gains at the start of trade Friday after the Labor Department's May nonfarm payrolls report showed the U.S. economy adding millions of jobs in May against expectations of further job cuts. The Dow Jones Industrial Average rose 726 points, or 2.8%, to 27,003, the S&P 500 index gained 61 points, or 2% to trade around 3,174 and and the Nasdaq Composite index advanced 85 points, or 0.9% to 9,701. The U.S. economy created 2.5 million jobs in May and the unemployment rate fell to 13.3%, versus expectations for 7.25 million job losses at a 19% unemployment rate, according to a MarketWatch poll. The report showed large gains in jobs at bars and restaurants, retail, construction and manufacturing underscoring that states across the U.S. are lifting restrictions on economic activity as the COVID-19 health crisis abates in parts of the country. The data run counter to other measures of unemployment including, jobless claims numbers released Thursday, which showed the number of workers claiming unemployment has fallen only slightly from its post-pandemic peak.

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.



USA Today MoneyJun 05, 2020
Economy unexpectedly gains 2.5M jobs as economy reopens businesses closed by coronavirus pandemic
The U.S. economy added 2.5M jobs in May as the U.S. economy reopened businesses shuttered by the coronavirus pandemic. 8 million job losses were forecast.       

MarketWatchJun 05, 2020
Trump Today: Trump claims that only ‘left wing' policies will derail U.S. recovery as he celebrates return of jobs
President Donald Trump on Friday celebrated the return of 2.5 million jobs to the U.S. economy in May, and went on the attack against Democrats as surveys show him trailing behind Joe Biden among voters in key states.
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