As investors analyzed the May jobs report and celebrated lawmakers’ passage of a debt ceiling pact that prevents a U.S. default, stocks gained on Friday.
The Dow Jones Industrial Average increased by 1.2%, or 401 points. S&P 500 increased by 0.9%. During the session, the Nasdaq Composite rose 0.5%, hitting its highest point since April 2022.
The weekly main averages increased. The S&P 500 and Nasdaq both increased by 1.2% and 1.6%. The Dow gained on Friday, moving into positive territory, and is now up 1.1% for the week. The Nasdaq is expected to end the week higher for the sixth consecutive week, a streak length not seen for the heavily weighted in technology index since 2020.