US stocks surged Friday morning after the government reported that 2.5 million jobs were added in May and that the unemployment rate fell to 13.3%.
Economists had been expecting significant job losses and a spike in the unemployment rate to near 20%. But it appears that the reopening of several states has led to many Americans going back to work.
The Dow soared more than 700 points, or 2.7%, in early trading. The S&P 500 rose 2% and the Nasdaq was up 1.5%. The tech-heavy Nasdaq, home to Apple, Amazon and the rest of the so-called FAANG stocks, is now less than 1% from hitting an all-time high.