The economy is roaring back!
Great news for the economy and true Americans, but bad news for the libs!
Stocks are rushing higher in early trading Friday after a stunningly good report on the U.S. job market gave Wall Street's recent rally another shot of adrenaline.
The Dow Jones Industrial Average was up 756 points, or 2.9 percent, at 27,037, as of 9.45am. The Nasdaq was up 1.6 percent and the S&P 500 was up 2.2 percent within the first 15 minutes of trading.
It came after the government said that U.S. employers added 2.5 million workers to their payrolls last month. Economists were expecting them instead to slash another 8 million jobs amid the ongoing fallout from the response to the coronavirus pandemic.
While economists cautioned that it's just one month of data and could be giving false hope, the report gives credence to the building optimism among stock investors that the economy can recover relatively quickly from its current hole.
That hope has been a big reason for the better than 40 percent rally for the S&P 500 since late March.
The S&P 500 is now down only about 6.3 percent from its record set in February after earlier being down nearly 34 percent.
'It looks like the healing process is underway in the jobs market and it looks like it´s happening sooner than expected,' said Todd Lowenstein, equity strategy executive of The Private Bank at Union Bank. 'It looks like the worst is behind us.'
In another show of increased confidence, the yield on the 10-year Treasury zoomed up to 0.90 percent from 0.82 percent late Thursday.
This area of the market was much earlier than stocks to give warning about the coming economic devastation from the coronavirus outbreak. It had also been much slower to rise than stocks recently, but the 10-year yield is now close to its highest level since late March.
Stocks began their tremendous rally in late March after the Federal Reserve came to the rescue once again with promises of immense aid to keep markets running smoothly.
Capitol Hill also agreed on unprecedented amounts of aid for the economy, which helped eliminate the worst-case scenario for many investors of a full-blown financial crisis.
Rest of the article.