US stock market ended sharply higher on Friday (8 May) despite grim monthly jobs report as investors bet the worst of the coronavirus crisis has passed. Investors also hoped for an eventual reopening of the economy.
The Dow Jones Industrial Average rose 455.43 points, or 1.9%, to close at 24,331.32 and the S&P 500 index gained 48.61 points, or 1.69% to end the session at 2,929.80. The Nasdaq Composite Index advanced 141.66 points, or 1.58%, to 9,121.32.
The monthly report on the employment situation in the US showed that 20.5 million jobs were eliminated in April, and the unemployment rate rocketed 14.7% from 4.4% last month.
The report comes after Thursday's weekly jobless claims data revealed that those looking for unemployment benefits increased another 3.2 million in early May.
Sentiment was also aided after top US and Chinese trade representatives played down deep differences and said they would press ahead with implementing their Phase 1 trade deal. US Trade Representative Robert Lighthizer discussed the deal with Chinese Vice Premier Liu He and US Treasury Secretary Steven Mnuchin on the phone call. The US officials said in a joint statement that both sides agreed the obligations would be met.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content