The May jobs report revealed that the U.S. economy added 139,000 payrolls, surpassing the expected figure of 125,000, and maintaining an unemployment rate of 4.2%. This news resulted in significant stock market gains, particularly among the Magnificent Seven technology stocks, which saw notable upward movement. The Nasdaq Composite increased by 1.2%, and the S&P 500 returned above the psychologically significant 6,000 level. However, some stocks like Tesla faced mixed results, with a decline in value despite participating in the rally, while Broadcom's quarterly earnings saw its stock rating upgraded despite falling shares.
U.S. economy added 139,000 payrolls in May, surpassing expectations, which buoyed the stock market significantly, especially among the tech giants known as the Magnificent Seven.
The Nasdaq Composite saw a rise of 1.2% and the S&P 500 climbed back above the key 6,000 mark, showcasing investor optimism following the jobs report.
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