Democracy Dies in Darkness
Business

Dow soars more than 800 points as U.S. stocks close in on pre-pandemic levels

Wall Street is in the midst of a stunning three-month rally that puts a V-shaped recovery back in play

By
and 
June 5, 2020 at 4:02 p.m. EDT
The Dow Jones industrial average jumped 829 points, or 3 percent, on Friday to close above 27,000 for the first time in three months. (Kevin Hagen/AP)

Wall Street is in the midst of a stunning three-month rally that is close to putting investors back where they were in January, before the coronavirus pandemic obliterated trillions in wealth.

A surprisingly positive jobs report on Friday helped stock markets extend an already strong week, pushing the Standard & Poor’s 500 index — which has soared 9 percent in three weeks — within 1 percent of turning positive for 2020, according to Howard Silverblatt of S&P Dow Jones Indices. The S&P was more than 30 percent in the hole less than three months ago. It jumped 81 points, or 2.6 percent, to close Friday at 3,193.93.