Stocks rose broadly on Wall Street Friday as traders welcomed news of a rebound in hiring by US employers last month, per the AP. The Dow rose 203 points to 36,327, the S&P 500 rose 17 points to 4,697, and the Nasdaq rose 31 points to 15,971. Small-company stocks did better than the broader market in a sign that investors are confident about economic growth prospects, per the AP. The Russell 2000 rose 1.1%. The stronger-than-expected jobs report helped ease investor concerns and could be a signal that other issues impeding the economic recovery are closer to being resolved, said Matt Stucky, senior portfolio manager at Northwestern Mutual Wealth Management.
“Getting more people back to work will hopefully help diffuse some of the bottleneck supply issues in the economy that is putting pressure on rising inflation,” he said. “The more people we get back to fill open positions will help keep that shortage pressure at bay a little bit.” Communications stocks and companies that rely on direct consumer spending for services and goods made the biggest gains. Walt Disney rose 3.1%. Online travel company Expedia jumped 15.9% and home-sharing company Airbnb rose 12% after releasing surprisingly good earnings reports. Pfizer jumped 6.4% jump following the release of encouraging study results that show its experimental pill for COVID-19 cut rates of hospitalization and death by nearly 90% in high-risk adults.
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