June 2, 2023

DS Duke

Global Business In World

Dow Hurtles to Record on Strong Jobs Numbers

2 min read
U.S. stocks rallied to record levels on Friday after the October jobs report came in...

U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.

The Dow Jones Industrial Average leaped 203.72 points to 36,327.95.

The S&P 500 gained 17.47 points to add to Thursday’s all-time high at 4,697.53, celebrating its seventh straight positive day.

The NASDAQ Composite jumped 31.28 points to 15,971.59.

All three major averages reached their respective record closing highs.

A major development from Pfizer regarding its easy-to-administer COVID-19 pill fueled hope for a smooth reopening further, sending shares of airlines and cruise line operators soaring.

Pfizer shares surged nearly 11{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} after the company said its COVID-19 drug, used with an HIV drug, cut the risk of hospitalization by 89{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}. Pfizer board member Dr. Scott Gottlieb said Friday that the pandemic could be over in the U.S. by the time President Biden’s workplace vaccine mandates take effect in early January.

The news boosted classic reopening plays. United Airlines shares jumped more than 7{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}, while American Airlines popped 5.7{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}. Carnival and Royal Caribbean rallied more than 8{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} each, while Norwegian Cruise Line advanced 7.9{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}.

Recovery stock Expedia saw its shares roar higher by 15.7{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected.

Peloton shares cratered more than 35{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} after the fitness platform and maker of interactive treadmills and exercise bikes reported a much larger loss than expected and cut its full-year outlook as fitness buffs headed back to the gym and away from at-home workouts.

The move for stocks came as job gains for the month of October totaled 531,000. Consensus estimates called for 450,000 jobs added, according to Dow Jones. The report also revised September’s disappointing number up to 312,000 job gains from 194,000 previously, and increased its August number by a similar amount.

Prices for 10-year Treasurys jumped sharply, lowering yields to 1.45{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389} from Thursday’s 1.52{1cd7dfeabecd92a256507009bf608c3bde4df96f09e82f3bc2c9d67cc3d41389}. Treasury prices and yields move in opposite


Oil prices regrouped $2.68 to $81.49 U.S. a barrel.

Gold prices brightened $25.10 to $1,818.60 U.S. an ounce.

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