The US stock market finished trading on Friday on the rise after the release of data from the US Department of Labor on the unemployment rate in the country in May.
At the same time, the S&P 500 is only 0.2% behind the record high recorded last month, CNBC notes.
At the end of last week, the Dow Jones and S&P 500 indicators added 0.7% and 0.6%, respectively. The Nasdaq is up nearly 0.5%.
The number of jobs in the US economy in May increased by 599 thousand, according to data from the Department of Labor.
Unemployment in the country fell to 5.8% last month from 6.1% in April.
Experts on average expected an increase in the number of jobs in May by 650 thousand with a decrease in unemployment to 5.9%.
“While job growth was modest compared to expectations, the good news is that the numbers improved from the disappointing data from the previous month,” said Charlie Ripley, vice president of portfolio management at Allianz Investment Management.
Weak melons on the US labor market for April forced economists to revise their forecasts, writes MarketWatch.
Aneta Markovska, chief economist at Jefferies Financial Group, predicted 2.1 million job growth in April, much more than official data showed.
This time Jefferies’ maximum forecast was 450 thousand new jobs.
The Dow Jones Industrial Average rose 179.35 points (0.52%) to 34756.39 points.
Standard & Poor’s 500 climbed 37.04 points (0.88%) to 4229.89 points.
The Nasdaq Composite added 199.98 points (1.47%) to 13814.49 points.
Facebook Inc. quotes rose 1.3%, although EU and UK antitrust regulators have launched formal investigations against Facebook Inc., believing that the company may have violated the rules of competition in the private classifieds Marketplace.
Broadcom Inc. increased by 2.2%.
One of the world’s largest semiconductor manufacturers in the second quarter of fiscal 2021 more than doubled its net profit and 15% revenue thanks to the strong performance of its semiconductor business.
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AMC Entertainment Holdings Inc. fell 6.7% on Friday after falling 17.9% the day before.
The chain of cinemas has asked investors for the right to issue an additional 25 million shares, promising not to carry it out this year. On Thursday, the company announced the issuance of 11.55 million new shares.
