{"id":17683,"date":"2023-06-03T11:05:41","date_gmt":"2023-06-03T15:05:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-ends-700-points-higher-as-stock-market-rally-puts-sp-500-on-verge-of-bear-market-exit\/"},"modified":"2023-06-03T11:05:43","modified_gmt":"2023-06-03T15:05:43","slug":"dow-ends-700-points-higher-as-stock-market-rally-puts-sp-500-on-verge-of-bear-market-exit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=17683","title":{"rendered":"Dow ends 700 points higher as stock-market rally puts S&#038;P 500 on verge of bear-market exit"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002132229\" role=\"document\">\n<p>U.S. stocks jumped Friday, with the Dow Jones Industrial Average closing up 701 points, after the May jobs report showed the labor market is in surprisingly strong shape despite the Federal Reserve\u2019s aggressive tightening of monetary policy in the past year. <\/p>\n<h2>How did stocks trade?<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+2.12%<\/bg-quote><br \/>\n       jumped 701.19 points, or 2.1%, to close at 33,762.76.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"positive\">+1.45%<\/bg-quote><br \/>\n       gained 61.35 points, or 1.5%,  to finish at 4,282.37.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"positive\">+1.07%<\/bg-quote><br \/>\n       rose 139.78 points, or 1.1%, to end at 13,240.77. <\/p>\n<\/li>\n<\/ul>\n<p> For the week, the Dow climbed 2%, the S&amp;P 500 increased 1.8% and the Nasdaq  advanced 2%. The S&amp;P 500 booked a third straight week of gains while the tech-heavy Nasdaq rose for a sixth straight week in its longest winning streak since January 2020, according to Dow Jones Market Data. <\/p>\n<div class=\"paywall\">\n<h2>What drove markets?<\/h2>\n<p>Stocks climbed sharply Friday,  as investors cheered the Senate passing the debt-ceiling bill Thursday night while weighing the U.S. government\u2019s latest monthly employment report.<\/p>\n<p>The Bureau of Labor Statistics report Friday showed the U.S. economy added 339,000 jobs in May, far surpassing Wall Street  expectations for 190,000. The number of jobs created in March and April was also revised higher by roughly 93,000 combined. <\/p>\n<p>The employment report pointed to a resilient economy, possibly leading some investors to believe a recession is further away than previously thought, said Brian Vendig, president at MJP Wealth Advisors, in a phone interview Friday. That, along with the debt-ceiling bill being passed by the Senate, appeared to lift stocks Friday, he said.<\/p>\n<p><strong>See<\/strong>: Jobs report shows big 339,000 gain in May. U.S. economy still going strong<\/p>\n<p>Many investors are now anticipating the Federal Reserve might pause its interest rate hikes this month, despite the stronger-than-expected job gains in May, as the labor market report also showed that the unemployment rate rose to 3.7% and hourly earnings growth matched consensus forecasts, according to Vendig.<\/p>\n<p>Average hourly earnings rose 0.3% in May. The increase being in line with expectations helped assuage investors\u2019 fears that wage growth spiraling out of control would fuel high and sticky inflation, he said.<\/p>\n<p>\u201cWhat I\u2019m optimistically hoping for is they take a pause,\u201d Vendig said of the Fed\u2019s rate hikes.  That would give \u201cmore time for their policies to play out,\u201d  he said, citing \u201clag effects\u201d from the central bank\u2019s tightening of monetary policy over the past year in its bid to tame high inflation.<\/p>\n<p>Meanwhile, the Dow  Jones Industrial Average on Friday saw its biggest daily gain in points since the end of November, according to Dow Jones Market Data. The index\u2019s percentage increase on Friday was the largest since Jan. 6.<\/p>\n<p>As for the S&amp;P 500, the benchmark finished slightly below the level it would need to hit to exit its bear market. <\/p>\n<p><strong>Read:<\/strong> S&amp;P 500 nears bear-market exit. Will Big Tech\u2019s rally finally spread to the broader stock market?<\/p>\n<p>\u201cThe report today continues to point to a soft landing for the economy and should keep market expectations for a July hike in play,\u201d Ellen Zentner, chief U.S. economist at Morgan Stanley, said of the May jobs data released Friday. \u201cWe do not believe today\u2019s report was strong enough to meet the bar for the Fed to hike in June, but raises the risk that the Fed could hike in July.\u201d<\/p>\n<p>Fed-funds-futures traders on Friday saw a 77.1% chance of the Fed pausing rates at its June policy meeting, and a 22.9% probability of a quarter-point hike, according to the CME\u2019s FedWatch Tool, at last check.<\/p>\n<p>Senior Fed officials said earlier this week that they would prefer to keep rates on hold when the Fed\u2019s upcoming meeting ends on June 14, but they signaled openness to raising rates further later in the year. The Fed raised its policy rate by roughly 5 percentage points in 2022 through early 2023, the fastest pace since the 1980s. <\/p>\n<p>Meanwhile,  the Senate sent its debt-ceiling bill to President Joe Biden\u2019s desk to be signed into law, which will keep the U.S. from running out of cash to pay all its bills.<\/p>\n<p>In the U.S. stock market, \u201cthere\u2019s certainly the jubilation\u201d over the debt-ceiling bill finally being passed by the Senate, said Sandi Bragar, chief client officer at wealth management firm Aspiriant, in a phone interview Friday.  \u201cThe government really was letting that come down to the wire.\u201d<\/p>\n<p><strong>See<\/strong>: Senate passes debt-ceiling bill in 63-36 vote, sending it to Biden to get signed into law<\/p>\n<h2>Companies in focus<\/h2>\n<p><em>\u2014Barbara Kollmeyer contributed to this report.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-higher-as-jobs-data-swings-into-focus-and-debt-ceiling-drama-ends-ec6024e?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks jumped Friday, with the Dow Jones Industrial Average closing up 701 points, after the May jobs report showed the labor market is in surprisingly strong shape despite the Federal Reserve\u2019s aggressive tightening of monetary policy in the past year. How did stocks trade? The Dow Jones Industrial Average DJIA, +2.12% jumped 701.19 points, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-17683","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow ends 700 points higher as stock-market rally puts S&amp;P 500 on verge of bear-market exit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks jumped Friday, with the Dow Jones Industrial Average closing up 701 points, after the May jobs report showed the labor market is in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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