US stocks soar on strong jobs report

By Syed Sajid Aziz in USA
(Pakistan News & Features Services)

The US stocks surged at the conclusion of the week on June 5, after the government reported that 2.5 million jobs were added in May and that the nation's unemployment rate fell to 13.3%.

It has been viewed as a surprise because the economists had been expecting significant job losses and a spike in the unemployment rate to near 20%.

But the reopening of several states, leading to more Americans than expected returning to work has seemed to have brought about the positive change.

The Dow soared nearly 830 points or 3.2% while the S&P 500 rose 2.6% and the Nasdaq was up more than 2% to finish the day just below its record closing level from February 19.

The tech-heavy Nasdaq, home to Apple (AAPL), Amazon (AMZN) and the rest of the FAANG stocks, also notched a new intraday all-time high of 9,846.

The five most valuable companies in the United States, Apple, Microsoft, Amazon, Google and Facebook, were now collectively reported to be worth $5.7 trillion while Netflix had a market cap of nearly $185 billion and shares were up 30% during the current year.

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