The US stock market finished higher for second straight session on Friday, 02 June 2023, as appetite for risk assets underpinned after U.S. lawmakers passed a bill to raise the debt ceiling and cap government spending for two years, days before the default deadline. Positive sentiment was also generated by the release of a closely watched Labor Department report showing U.S. employment surged by much more than expected in the month of May.
At the close of trade, the Dow Jones Industrial Average index advanced 701.19 points, or 2.12%, to 33,762.76. The S&P500 index added 61.35 points, or 1.45%, to 4,282.37. The tech-heavy Nasdaq Composite Index increased by 139.78 points, or 1.07%, to 13,240.77. For the holiday-shortened week, the S&P 500 shot up by 1.8%, while the Dow and the S&P 500 both jumped by 2.0%.
All 11 sectors ended higher along with S&P500 index. Materials was top performing sector, rising 3.37%, followed by energy (up 2.96%), financials (up 2.18%), and real estate (up 2.09%).
ECONOMIC NEWS: The Labor Department report showed non-farm employment soared by 339,000 jobs in May after spiking by an upwardly revised 294,000 jobs in April. Meanwhile, the Labor Department said the unemployment rate rose to 3.7% in May from 3.4% in April.
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