S&P 500 Tops 6,000 For First Time Since February After Jobs Data Report

U.S. stocks surged Friday morning after the May jobs report showed stronger-than-expected hiring, easing some concerns around a broader economic slowdown and helping the S & P 500 reclaim the 6,000 level for the first time since late February.

The Dow Jones Industrial Average (DJI) rose by 510 points. The S & P 500 (SPX) gained 1.12%, while the tech-heavy Nasdaq Composite (NDX) also rallied by 1.4%. 

The U.S. economy added 139,000 nonfarm payrolls in May, according to Labor Department data, outpacing economists' expectations of 126,000. The unemployment rate remained unchanged at 4.2%.

Tesla's (TSLA) shares jumped more than 4% at the open, leading gains among the Magnificent 7 stocks following a steep sell-off on Thursday amid CEO Elon Musk's public clash with President Donald Trump. Tesla's stock had dropped more than 14% on Wednesday alone.

Alphabet's (GOOGL) stock rose nearly 3%, while shares of Meta Platforms (META) and Amazon (AMZN) gained about 2%. Nvidia's (NVDA) stock added 1.3%, while Microsoft (MSFT) edged higher by less than 1%.

The move higher followed a volatile week of economic data. Initial jobless claims on Thursday came in above estimates, while Wednesday's ADP report showed just 37,000 private payrolls were added in May, far below the consensus of 110,000. U.S. services sector activity also weakened unexpectedly, adding to concerns over economic momentum.

President Trump posted on Truth Social Friday morning, urging the Federal Reserve to go full throttle on rate cuts, stating that“there is virtually no inflation anymore.”

Major indexes are on track for weekly gains. The S & P 500 and Dow are up nearly 2% and 1.5%, respectively, while the Nasdaq Composite has advanced more than 2%.

In morning trade on Friday, the SPDR S & P 500 ETF Trust (SPY) rose 0.95%, while the Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, gained 0.88%. The SPDR Dow Jones Industrial Average ETF (DIA) was 1.13% higher.

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Read also: Trump 'Not Interested' In Call With Elon Musk, Say Reports

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