From Yahoo Finance: 2025-06-06 06:34:00

U.S. stocks closed higher on Friday, with the S&P 500 surpassing 6,000 for the first time since February, boosted by positive tech gains and a strong jobs report. Nonfarm payrolls increased by 139,000 jobs in May, slightly beating expectations. The unemployment rate remained steady at 4.2%.

Investors were optimistic about a potential trade deal between the U.S. and China, following news that three cabinet officials would meet in London on June 9. Despite unresolved issues, Trump and Xi Jinping spoke, easing trade tensions for now.

Following the jobs report, traders believe the Federal Reserve will hold off on rate cuts until at least September, with just one cut expected by December. Weaker private payrolls and service sector numbers had raised concerns about economic slowdown due to trade uncertainty.

The S&P 500 hit a three-month high on Friday, with the Dow also rising to a three-month high. The Dow Jones Industrial Average rose by 1.05%, the S&P 500 gained 1.03%, and the Nasdaq Composite increased by 1.20%. For the week, the S&P gained 1.5%, the Dow 1.17%, and the Nasdaq 2.18%.

Tesla shares rebounded by 3.8% after a 15% plunge, while Amazon and Alphabet also rose. Wells Fargo saw a 1.9% increase after a ratings upgrade, while Broadcom shares fell 5% on a disappointing revenue forecast. Lululemon shares dropped nearly 20% after cutting its profit target due to increased costs from tariffs.



Read more at Yahoo Finance: US stocks end up on jobs data, China hopes; Tesla bounces