By Billy Rogers 08/11/20
Friday Frenzy: Stocks Soared to New Heights on Surprising Jobs Report!"
The Dow Jones Industrial Average closed up about 701 points, or 2.1%, based on preliminary data
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marking the index's best day since November, according to Dow Jones Market Data. The S&P 500 index rose 1.5%, while the Nasdaq Composite was up 1.1%.
Investors bought up stocks after Congress pushed through the bipartisan debt ceiling bill.
The much-watched jobs report was hotter-than-expected, though traders are betting it won't be enough to prompt an interest-rate increase when the Federal Reserve meets on June 13 and 14. Odds the central bank holds steady were still at 71.3%, down from 79.6% on Thursday.
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The Dow Jones Industrial Average kept on rolling on Friday trading. The Dow was up 724 points, or 2.2%, around 2:40 p.m. Eastern. The S&P 500 index was up 1.5% while the Nasdaq Composite was up 1.1%. The materials, energy, and industrials sectors of the S&P 500 were leading the charge, after relief about the debt ceiling bill and signs of a soft landing in the May jobs report sparked a broader rally.
"The [jobs] data, coupled with the debt ceiling process winding its way toward conclusion, and expectations that the Fed will 'skip' its June 14 meeting for raising rates, has helped spark a rally that is more broad-based than what the market has been experiencing with mega-cap technology names leading the S&P 500 and Nasdaq higher,"
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