US stocks rallied to their best day since 2022 following an encouraging update on the job market. And, yes, this is just days after the market had its worst day since 2022:
- The S&P 500 jumped 119 points, or 2.3%, to 5,319.
- The Dow rose 683 points, or 1.7%, to 39,446.
- The Nasdaq rose 464 points, or 2.8%, to 16,660.
Treasury yields also climbed in the bond market, a signal that investors are feeling less worried about the economy, after a report showed fewer workers applied for unemployment benefits last week. Eli Lilly helped lead the market with a gain of 9.5% after delivering better profit for the spring than expected. Sales of its Mounjaro diabetes treatment and its Zepbound weight-loss counterpart are booming, and the company raised its financial forecast for the year. Big Tech stocks also rebounded.
Nvidia, which has become the poster child for the AI trade, rose 5.7% to trim its loss for the week so far to 2.5%, and it was the day's strongest single force pushing upward on the S&P 500. Gains of 1.6% for Apple and 3.7% for Meta Platforms were also big propellants, along with Eli Lilly. They helped offset a drop of 11.8% for McKesson, which topped analysts' expectations for profit in the latest quarter but fell short on revenue. It said growth slowed in its medical-surgical business.
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