The major averages finished the week higher as the key May jobs report showed solid gains, boosting confidence in the economic comeback. The S&P 500 rose 37 points or 0.9%. The Dow Jones Industrial Average traded up 180 points or 0.52%. The Nasdaq Composite gained 199 points or 1.4%. The S&P 500 is sitting 0.2% from its all-time high reached last month. The equity benchmark has risen about 0.6% this week.
The U.S. economy added 559,000 jobs in May, the Labor Department said on Friday. The number came in slightly lower than an estimate of 671,000 from economists surveyed by Dow Jones, but still showed a healthy rebound in the labor market as it's up from a disappointing 266,000 payrolls added in April.
The unemployment rate fell to 5.8% from 6.1%, which was better than the estimate of 5.9%. Many believe the jobs report, while solid, is not strong enough to trigger the Federal Reserve to dial back its bond buying program.
The 10-year Treasury yield dipped slightly following the jobs report. Bond yields had jumped higher in recent months amid rising inflation expectations.
Meme stocks continued their wild prices swings on Thursday, especially AMC Entertainment. The movie theater chain's stock swung between losses and gains after shedding 18% in the previous session. BlackBerry also traded lower Friday, but shares are still up more than 50% on the week.
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