June 1 – 5, 2020 Recap
Unemployment Falls Unexpectedly
Stocks had yet again another good week with the S&P 500 gaining nearly 5%, pushed higher by stabilizing economic data. The May jobs report and unemployment numbers were better than expected as nonfarm payrolls rose by 2.5 million in May and the unemployment rate fell to 13.3%. Expectations were for a decline of 8.3 million jobs and a jobless level of 19.5%, which would have been the worst since the Great Depression era.
For the week, the Dow Industrials gained 6.85%, the S&P 500 rose 4.96%, and the Nasdaq Composite added 3.44%, while hitting intraday all-time highs on Friday. The Russell Small Cap Index outperformed larger capitalization indexes, up 8.13%. The S&P 500 has rebounded over 43.4% from its March 23 closing low.
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