Stocks closed with broad gains Friday, brushing off a record-breaking report of job losses, as investors reckoned that the very worst of the economic pain caused by the coronavirus pandemic may be passing.
Employers cut 20.5 million jobs last month, a record high but less than what the market expected. Technology and financial stocks were among the big gainers as the S&P 500 posted its first weekly gain in the last three. Oil prices and bond yields rose.
The S&P 500 rose 48.61 points, or 1.7%, to 2,929.80.
The Dow Jones Industrial Average added 455.43 points, or 1.9%, to 24,331.32.