US stock market investors are feeling optimistic about the economy.
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US stocks rose on the latest jobs data that indicate a strengthening labor market. “While the job gains were somewhat modest relative to expectations, the good news is the figure rebounded from last month’s disappointing miss,” an analyst said. The 10-year US Treasury yields slightly fell to 1.56% compared with Thursday’s 1.62%. Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
US stocks rose Friday as investors cheered May jobs data that indicated a strengthening labor market after a disappointing April report.
Technology stocks led the rally in the S&P 500 while mega-cap stocks pulled the Nasdaq 100 up to a one-month high.
Non-farm payrolls showed the US economy added 559,000 jobs in May, the Bureau of Labor Statistics said Friday. The figure was slightly lower than the 674,000 median estimate economists surveyed by Bloomberg were predicting. The unemployment rate dipped.
“While the job gains were somewhat modest relative to expectations, the good news is the figure rebounded from last month’s disappointing miss,” Charlie Ripley, senior investment strategist at Allianz Investment Management,