Stocks rushed higher after a strong report on the U.S. job market eased Wall Street’s worries about a possible recession.
The S&P 500 jumped 1.5 percent Friday, while the Dow soared 701 points. The rally brought the S&P 500 nearly 20 percent above a low hit in October. It’s on the edge of entering a new bull market.
The rally built after a report showed unexpectedly strong hiring last month. At the same time, increases for workers’ pay slowed. That could mean the economy remains strong enough to avoid a recession without adding too much upward pressure on inflation.
On Friday:
The S&P 500 rose 61.35 points, or 1.5 percent, to 4,282.37.
The Dow Jones Industrial Average rose 701.19 points, or 2.1 percent, to 33,762.76.
The Nasdaq composite rose 139.78 points, or 1.1 percent to 13,240.77.
The Russell 2000 index of smaller companies rose 62.97 points, or 3.6 percent, to 1,830.91.
For the week:
The S&P 500 is up 76.92 points, or 1.8 percent.
The Dow is up 669.42 points, or 2 percent.
The Nasdaq is up 265.08 points, or 2 percent.
The Russell 2000 is up 57.88 points, or 3.3 percent.
For the year:
The S&P 500 is up 442.87 points, or 11.5 percent.
The Dow is up 615.51 points, or 1.9 percent.
The Nasdaq is up 2,774.28 points, or 26.5 percent.
The Russell 2000 is up 69.66 points, or 4 percent.
