Stocks Jump After Jobs Report Buoys Recovery Bets: Markets Wrap
- Nasdaq sets intraday record, even as tech underperforms
- Treasuries, dollar decline along with gold; crude oil jumps
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U.S. stocks jumped and Treasuries fell after a jobs report that far surpassed analysts’ forecasts bolstered expectations for the economy to rebound quickly from coronavirus lockdowns.
The S&P 500 Index rose 2.6% and posted a third weekly advance, leaving the gauge up more than 40% from its March low. Benchmark Treasury yields rose to an 11-week high. Oil jumped, gold fell and the dollar slumped following data that showed a drop in unemployment and surge in payrolls last month, signaling the economy is picking up faster than anticipated from the virus-inflicted recession.