The US stock market “surged” Friday following a “blowout jobs report” that showed massive hiring, wage increases, and the largest expansion of the US manufacturing sector in over 20 years.
“The Dow Jones Industrial Average traded 726 points higher, or 3.2 percent, and briefly rose more than 800 points. The S&P 500 rallied 3.28 percent, with the tech sector gaining more than 4 percent. The Nasdaq Composite climbed 4.3 percent. This was a rebound from Thursday’s plunge, which was triggered by a massive drop in Apple’s stock,” writes CNBC.
The strong economic data also showed Hispanic unemployment reaching the lowest level in US history Friday.
The market rebound comes as Democrats took control of the House of Representatives this week; vowing to repeal the GOP-sponsored tax cuts and propose massive government expansion in the weeks ahead.
Read the full report at CNBC.