Wall Street's rally zooms higher after surprise gain in jobs

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The SPDR S&P 500 ETF Trust (SPY), climbed 2.83%, the SPDR Dow Jones Industrial Average ETF (DIA) jumped 3.54%, while the Invesco QQQ Trust (QQQ) also advanced 2.11%.

The Dow Jones Industrial Average gained 112 points, or 0.5%, to 25,590.

Wall Street rallied broadly on Wednesday with the Nasdaq approaching record highs as signs of an economic recovery from mandated shutdowns helped investors look beyond US social unrest and pandemic worries.

Market participants now await the U.S. Labor Department's more comprehensive May jobs report, which is expected to show unemployment soaring to a historic 19.7%. The S&P 500 and the Dow are now within 6% and 8% of overtaking their record closing levels.

"It looks like the healing process is underway in the jobs market and it looks like it's happening sooner than expected", said Todd Lowenstein, equity strategy executive of The Private Bank at Union Bank.

Financials, industrials and tech pushed the three major USA stock indexes well into the black. The yield on the 10-year Treasury rose to 0.68% from 0.66% late Monday.

Stocks have now recouped most of their losses after the initial economic fallout from the coronavirus knocked the market into a breathtaking 34% skid in February and March.

The energy and financial sectors helped Canada's main stock index push higher in late-morning trading, while the loonie continued to soar and topped 74 cents US.

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This story has been published from a wire agency feed without modifications to the text. It also announced it was almost doubling its rescue program to help the economy. Meanwhile, investors continue to keep an eye out for any signs that the reopening of the economy is leading to a resurgence in COVID-19 cases.

Rising U.S. -China tensions and the possibility of second waves of coronavirus infections are other reasons for caution, they say.

Continuing a recent trend, investors on Friday continued to move out of stocks that had been earlier winners in the weak, stay-at-home economy and into companies that would benefit most from a growing economy. The Russell 2000 index was up 0.9%.

Travel-related companies were also strong, after their stocks got pummeled early in the outbreak on worries that no one would want to fly or go onto a cruise ship for a long time.

Boeing Co gained 8.0% premarket on hopes of a pickup in air travel a day after American Airlines Group Inc and United Airlines said they would boost their US flight schedule next month.

Norwegian Cruise Line rose 21%, and United Airlines jumped 16.3%. Germany's DAX lost 0.5%, the U.K.'s FTSE 100 fell 0.6% and France's CAC was down 0.2%. Japan's Nikkei 225 rose 0.4%, South Korea's Kospi added 0.2% and the Hang Seng in Hong Kong picked up 0.2%.

In other trading, a barrel of USA crude oil for delivery in July fell 5 cents to $37.36 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the benchmark for worldwide oils, shed 44 cents to $39.35 per barrel in London.

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