Economic news

U.S. stocks gain following solid May jobs data

Wall Street gained at the opening bell on Friday led by bank stocks as an impressive employment report for May locked in anticipations of an interest rate increase by the central bank this month.

Photo: Reuters

The Dow Jones Industrial Average soared 0.91 percent, to 24,638.94, the S&P 500 leaped 0.81 percent, to 2,727.23 and the Nasdaq Composite climbed 0.84 percent, to 7,504.54.

Nonfarm payrolls rose by 223,000 positions last month, the Labor Department reported, while the average hourly earnings increased 0.3 percent after inching up 0.1 percent in April.

Asian stocks closed mixed, with China’s Shanghai Composite Index slipped 0.7 percent as the long-expected introduction of Chinese shares to MSCI indexes failed to make a surge.

In Europe, Italian stocks led the rise with a 2.4 percent jump. The new Italian government was sworn in on Friday.

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