Stocks Rally as Job Market Shows Strength; Tesla Bounces Back
U.S. stocks surged on Friday,June 6,after the latest jobs report exceeded forecasts. The Dow Jones Industrial Average climbed 300 points, or 0.7%. The S&P 500 and tech-heavy Nasdaq saw gains of 0.75% and 0.97%, respectively.
The U.S. added 139,000 jobs last month,slightly fewer then April’s 147,000 but better than anticipated. The unemployment rate remained at a low 4.2%.This suggests the U.S. labor market is strong, despite trade war worries.
The Federal Reserve closely watches employment data.Stronger numbers may make the fed hesitant to cut interest rates, although inflation remains a key concern.
After the positive report, President Donald Trump took to social media to urge the Fed to cut interest rates.”Go for a full point, Rocket Fuel!” he said.
Tesla’s stock rebounded 5% as traders viewed recent losses as a buying chance. This followed disputes between CEO Elon Musk and Trump. Musk called for Trump’s impeachment and linked him to the Jeffrey Epstein files. The feud caused Tesla shares to drop 14%.Musk later moved to cool tensions, but Trump said Musk had “lost his mind.”
