The US markets ended in green on Friday with significant gains, as traders found support following the release of a closely watched Labor Department report showing slightly stronger than expected U.S. job growth in the month of May. The Labor Department said non-farm payroll employment shot up by 139,000 jobs in May after jumping by a downwardly revised 147,000 jobs in April. Street had expected employment to increase by about 130,000 jobs compared to the addition of 177,000 jobs originally reported for the previous month. Meanwhile, the report said the unemployment rate came in at 4.2 percent in May, unchanged from the previous month and in line with street estimates.
On sectoral front, airline stocks posted notable gains, with the NYSE Arca Airline Index surging 3.2 percent. Meanwhile, a sharp increase by the price of crude oil also contributed to significant strength among oil service stocks, driving the Philadelphia Oil Service Index up by 2.2 percent. Additionally, Financial, oil producer and biotechnology stocks saw considerable strength, while gold stocks bucked the uptrend amid a steep drop by the price of the precious metal.
Dow Jones Industrial Average surged 443.13 points or 1.05 percent to 42,762.87, Nasdaq gained 231.5 points or 1.2 percent to 19,529.95. and S&P 500 was up by 61.06 points or 1.03 percent to 6,000.36.
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