US Stock Market Today: S&P 500 Reclaims 6,000 Points; Dow Jones, Nasdaq Jump 1%

US stocks soared on Friday after the latest labour data came in better than expected, easing concern of an imminent slowdown in the world’s largest economy.

The 30-stock Dow Jones Industrial Average jumped nearly 500 points or 1.2% to 42,813 after the opening bell. The tech-heavy Nasdaq Composite rallied 1.2%.

The S&P 500 advanced 1% to reclaim 6,000 points for the first time since late February. All eleven sectoral indices were trading in green led by telecom, energy and consumer discretionary.

The US unemployment rate held at 4.2%, while wage growth accelerated, as per the Bureau of Labor Statistics. The labour market report wraps up a week of disappointing economic data that included a further increase in applications for jobless benefits and weaker services activity, Bloomberg reported.

Wall Street is on pace for meaningful gains for the week. The S&P 500 and Dow are up nearly 2% and 1.5%, respectively, week to date, while the Nasdaq is up more than 2%.