U.S. stocks rallied on Friday as a surprising May jobs report put the Nasdaq a hair's breadth below its record closing high, with all three major indexes advancing 2% or more
FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson
“The numbers are a huge surprise to the upside,” said Michael Arone, chief investment strategist at State Street Global Advisors in Boston. But the World Health Organization warned that the COVID-19 pandemic, which brought the global economy to its knees in the wake of mandated shutdowns, is far from over and new cases are on the rise.
All 11 major sectors of the S&P 500 ended the session well in the black, with energy, financials and industrials leading the gainers in a continuation of a rotation into cyclicals, which were beaten up amid economic lockdowns. Shares of luxury retailer Tiffany & Co jumped 6.5% after Reuters reported LVMH’s $16.2-billion takeover deal was back on track.
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