Resuming northward journey, the US markets ended with notable gains on Friday after a day of halt, following an upbeat May jobs report that showed a modest gain in wages. The US economy added 223,000 jobs in May to push unemployment down to an 18-year low of 3.8% from 3.9% in April, signaling that a nine-year-old economic expansion still has plenty of steam despite being one of the oldest ever. Average hourly earnings rose 0.3% last month. Dow Industrial gained more than 200 points, while Nasdaq advanced more than 100 points to reach at its best closing level in well over two months, as easing fears political upheaval in Italy and trade wars also supported sentiment.
Besides, gains in Europe also boost the rally in US markets, after populist parties the League and the 5 Star Movement struck a deal to form a coalition government on Thursday evening, ending months of political deadlock and averting new elections this summer. Traders had feared a summer ballot essentially would be a referendum on the euro and bring more power to the country’s euroskeptic parties, raising the risk of a euro crisis. Market sentiments remained firmly positive late in the session as President Donald Trump revealed that his summit with North Korean leader Kim Jong Un is back on. Trump said that the meeting with the North Korean leader will indeed be held in Singapore on June 12.
On the economic front, the Institute for Supply Management released a report showing growth in manufacturing activity accelerated by more than expected in the month of May. The ISM said its purchasing manager’s index climbed to 58.7 in May from 57.3 in April, with a reading above 50 indicating growth in the manufacturing sector.
The Dow Jones Industrial Average surged 219.37 points or 0.90 percent to 24635.21 and the S&P 500 increased 29.35 points or 1.08% to 2734.62 and the Nasdaq was up by 112.21 points or 1.51 percent to 7554.33.
Start Research-backed Investing ...Now. Subscribe to Sapphire
MoneyWorks4Me is a SEBI-registered Investment Adviser (IA) dedicated to helping investors build long-term wealth through transparent, research-driven, conflict-free guidance. Founded in 2008, we started our journey as a Research Analyst (RA), providing deep fundamental analysis, intrinsic value insights, and long-term investing frameworks for Indian equities. In 2017, we transitioned to a full-fledged SEBI-registered Investment Adviser, strengthening our commitment to acting as a fiduciary—always putting the investor’s interest first.
To become India’s most trusted, research-powered fiduciary advisory platform—where every investor, regardless of experience, can make calm, confident, and well-reasoned investment decisions.
MoneyWorks4Me ensures this through: