Wall Street Jumps on Belief Worst Is Over After Jobless Surge By Investing.com

© Reuters.

By Geoffrey Smith 

Investing.com — U.S. stock markets rose sharply at the opening on Friday, shrugging off the biggest rise in unemployment in U.S. history, as investors took the view that April’s labor market report marks the low point of the pandemic’s impact on markets.

By 9:35 AM ET (1335 GMT), the was up 284 points, or 1.2% at 24,159 points, while the was up 0.9%. The , which on Thursday erased its losses for the year and moved back into positive territory, gained another 0.5%.

Earlier, the Bureau of Labor Statistics had confirmed that nonfarm employment fell by 20.5 million in the month to mid-April, pushing the jobless rate up to 14.7% of the workforce. The broader U6 measure of underemployment rose to 22.8% of the workforce from 8.7% a month earlier.

 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Be the first to comment

Leave a Reply

Your email address will not be published.


*