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Stocks Rally, Led by Tech, as Jobs Give Fed Cover: Markets Wrap

  • Technology leads gains as Nasdaq reaches highest in 11 weeks
  • West Texas crude declines; gold drops; EM stocks advance
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U.S. Adds 223,000 Jobs in May, Jobless Rate Falls to 3.8%

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Stocks rallied and Treasuries fell as the latest U.S. jobs data bolstered optimism in the economy, all but solidifying a rate hike later this month. The dollar advanced.

The S&P 500 Index rose for the second week in a row after the unemployment rate fell to 3.8 percent in May, the lowest in nearly half a century. Technology shares led the rally as the Nasdaq Composite Index closed at an 11-week high. The dollar headed for a seventh straight weekly gain, the longest streak since 2014, while the 10-year Treasury yield rose above 2.89 percent as investor focus turned to the pace of the Federal Reserve’s rate increases.