6/2, 10:01 PM (Source: TeleTrader)
more TeleTrader news

Dow surges 700 pts as Biden sets to sign budget bill

Major US stock markets closed higher on Friday, with the Dow Jones gaining more than 700 points on the back of good data and the agreement reached on the debt ceiling. Today, the White House said President Joe Biden expects to sign the debt bill into law on June 3.

Earlier, the Bureau of Labor Statistics said that nonfarm payrolls came in better than expected in May, with an increase of 339,000 jobs. The result represents the 29th consecutive month of positive job growth. Meanwhile, the unemployment rate was up by 0.3 percentage points from April.

At the close, the Dow Jones gained 2.12% or 701 points, with 3M rising 8.76%. The Nasdaq 100 added 0.73%, and Lululemon Athletica led the gains, up by 11.30%. The S&P 500 rose 1.45%, as DISH Network climbed by 16.24%

The euro was down by 0.51% against the dollar at 3:57 pm ET, selling for $1.07078.

Baha Breaking News (BBN) / JG