Dow Jumps 830pts, 5% Shy from Year High on U.S. Positive Jobs Report in May

Dow Jones rose more than 800 points overnight in response to a better-than-expected jobless rate for May at 13.3% with more than 2.5 million jobs created in May.

Dow Jones jumped 829.16 points or 3.15% to close at 27,110.98 points. S&P 500 climbed 2.62% and Nasdaq soared 2.06%.
Dow Jones were 5 percentage points below its year high. S&P 500 was only a percent shy to its year high, while Nasdaq was already 9% above its year high.

The Labour Department, on Friday, reported that the U.S. jobless rates fell to 13.3% in May, better than the 19.5% forecasted by analysts and also lower than a rate of 14.7% in April.

The country started to see easing measures after months of lockdown and restriction to contain the coronavirus pandemic. More than 20% of Americans lost their jobs since March, when businesses were temporarily shutdown to avoid the spreading of coronavirus. However, the Labour Department reported that 2.5 million jobs were created in May, raising hopes for the Americana of the economic recovery from the pandemic.