Stock market today: Dow rallies to a record after a blockbuster jobs report
U.S. stocks rallied after a surprisingly strong U.S. jobs report raised optimism about the economy
NEW YORK (AP) — U.S. stocks rallied Friday after a surprisingly strong report on the U.S. job market raised optimism about the economy.
The S&P 500 climbed 0.9% and got close to its all-time high set on Monday. The Dow Jones Industrial Average rose 341 points, or 0.8%, to set its own record, while the Nasdaq composite clambered 1.2% higher.
Leading the way were banks, airlines, cruise-ship operators and other companies whose profits can benefit the most from a stronger economy where people are working and better able to pay for things. Norwegian Cruise Line steamed 4.9% higher, JPMorgan Chase rose 3.5% and the small companies in the Russell 2000 index gained 1.5%.
They helped stock indexes claw back losses from earlier in the week, caused by worries that worsening tensions in the Middle East could lead to disruptions in the global flow of oil. Crude prices rose again Friday, but the moves were more modest than earlier in the week, as the world continued its wait to see how Israel will respond to Iran’s missile attack.
