Home Markets Stocks Climb, Dollar Slumps After Jobs Surprise: Markets Wrap

Stocks Climb, Dollar Slumps After Jobs Surprise: Markets Wrap

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This content was published on May 7, 2021 – 19:01

(Bloomberg) — Stocks climbed after surprisingly weak jobs data eased fears about higher inflation and a cutback in stimulus. The dollar slumped toward the lowest since January, while Treasuries fluctuated.

The S&P 500 was set for a record amid a dramatic rotation that sent commodity and industrial shares from worst to best performers on Friday. Earlier in the day, tech led equity gains as softer economic data drove investors into the perceived safety of pandemic darlings — megacaps flush with cash and stay-at-home stocks. A gauge of giant growth companies such as Apple Inc. and Amazon.com Inc. pared most of its advance.

The long-awaited employment data rattled financial markets, with payrolls up only 266,000 in April, trailing the projected 1 million surge. For several analysts, the disappointing figures may give a boost to President Joe Biden’s $6 trillion economic agenda and…

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