Stocks rallied on Friday after a historic and surprising gain in U.S. jobs raised hope the economy is starting to recover from the coronavirus pandemic.
The Dow Jones Industrial Average jumped 1,030 points, or 3.9%. The S&P 500 traded 3.1% higher. The Nasdaq Composite advanced 2.2%. The Nasdaq-100, which tracks the 100-largest nonfinancial companies in the composite, rose 2% to a record high.
Friday’s rally put the S&P 500 down just 0.7% for 2020. At one point this year, the broader market index was down 30.3%. The Dow was only down 4.3% year to date after being down as much as 34.6% in 2020. The Nasdaq Composite is now up more than 9% this year.