Wall Street staged a rally during Friday's session, with all three major benchmarks gaining over 1.5%. Investors shook off the record breaking April jobs report and traded hoping that states' effort to restart their economies will be enough to quickly recover for the coronavirus slump. All major indices ended the week higher, with the Nasdaq soaring 6%, S&P 500 up 3.5% and Dow Jones gaining 2.5%.
The Labor Department's reported that a record 20.5 million jobs were lost in April due to coronavirus related shutdowns. The spike in job losses indicated an unemployment rate of 14.7%, with is a dramatic increase from the previous rate of 4.4%. However, the unemployment number was less than Wall Street had feared.
Here's how the market settled for the week:
S&P 500 Index
Dow Jones Industrial Average
Nasdaq Composite Index
In Major Stock News, Walt Disney Co
In Stock Sector News, every sector joined in Friday's market rally. The performance gains were as follows: Energy +4.34%, Industrials +2.50%, Materials +2.40%, Consumer Staples +2.27%, Financials +2.19%, Utilities +2.01%, Real Estate +1.87%, Consumer Discretionary +1.66%, Communication Services +1.57%, Information Technology +1.40% and Health Care +0.54%.
In Commodity and Currency New, crude oil pushed higher on Friday as reopening optimism infected all corners of trade. West Texas Intermediate
For Monday, market participants will focus on weekend coronavirus updates as well as a fresh batch of corporate earnings including Simon Property Group