Stocks soar on surprisingly strong jobs report

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%.

Posted 2:08 p.m. Jun 5, 2020 — Updated 2:08 p.m. Jun 5, 2020

Paul R. La Monica

, CNN Business

CNN — 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.

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