Stocks climbed higher on Friday after a stronger-than-expected jobs report for May helped ease some tensions that an economic slowdown is imminent, at least for the near-term. Investors are also assessing the initial fallout of President Donald Trump and Elon Musk's public feud.
The Dow Jones Industrial Average
Those gains, which uplifted other large cap tech names such as Apple
In the spotlight, U.S. payrolls rose by a more-than-expected 139,000 positions in May, the Labor Department reported Friday, topping Dow Jones expectations for 125,000 additions but coming in below April's downwardly revised total of 147,000. The unemployment rate remained unchanged at 4.2%, which was widely expected.
The month's growth was largely driven by the healthcare sector, which added 62,000 positions. The biggest loser was again government jobs, which saw a decrease of 22,000 as the Department of Government Efficiency's (DOGE) layoff efforts began to show material impact.
"Stronger than expected jobs growth and stable unemployment underlines the resilience of the U.S. labor market in the face of recent shocks," said Lindsay Rosner, head of multi-sector fixed income investing at Goldman Sachs Asset Management, quoted by CNBC, echoing the positive sentiment resounding across Wall Street on Friday.
Recent economic data has been a mixed bag as consumers and businesses alike grow more concerned over the impacts, both present and potential, of Trump's tariffs and the Federal Reserve's monetary policy to keep cash flows predictable. Complicating this balance further, Trump again called on Fed Chair Jerome Powell to cut interest rates by a full percentage point at the central bank's next meeting later this month, a decision virtually unexpected by traders, according to CME Group's FedWatch tool.
"'Too Late' at the Fed is a disaster!," Trump wrote in a post on his social media platfrom Truth Social on Friday, referring to Powell by the nickname he coined to signal his criticism of the Fed's higher-for-longer interest rates. "Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!"
Friday's strong moves add to the broader market's gains for the week, with the S&P 500 and Dow rising more than 1.5% and 1.2%, respectively, the Nasdaq outperforming with an increase of over 2%.
