Stocks closed with broad gains Friday, brushing off a record-breaking report of job losses, as investors reckoned that the very worst of the economic pain caused by the coronavirus pandemic may be passing.
Employers cut 20.5 million jobs last month, a record high but less than what the market expected. Technology and financial stocks were among the big gainers as the S&P 500 posted its first weekly gain in the last three. Oil prices and bond yields rose.
The S&P 500 rose 48.61 points, or 1.7%, to 2,929.80.
The Dow Jones Industrial Average added 455.43 points, or 1.9%, to 24,331.32.
The Nasdaq composite gained 141.66 points, or 1.6%, to 9,121.32.
The Russell 2000 index of small company stocks picked up 46.71 points, or 3.6%, to 1,329.64.
For the week:
The S&P 500 rose 99.09 points, or 3.5%.
The Dow picked up 607.63 points, or 2.6%.
The Nasdaq climbed 516.37 points, or 6%
The Russell 2000 gained 69.16 points, or 5.5%.
For the year:
The S&P 500 is down 300.98 points, or 9.3%.
The Dow is down 4,207.12 points, or 14.7%.
The Nasdaq is up 148.72 points, or 1.7%
The Russell 2000 is down 338.83 points, or 20.3%.