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Wall Street jumps despite historic job losses

Video Credit: Reuters Studio - Duration: 01:36s - Published
Wall Street jumps despite historic job losses

Wall Street jumps despite historic job losses

Stocks on Wall Street jumped Friday despite historic job losses suffered by the economy.

Fred Katayama reports.

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Not even the steepest job losses since the Great Depression could deter investors from scooping up stocks on Wall Street Friday.

They looked past the 20.5 million jobs lost in April and took comfort in attempts to re-open the economy like

Class="kln">Tesla's Fremont plant that aimed to restart Friday.

Also calming investor fears: easing trade tensions between the U.S. and China.

The three major indexes added more than 1-and-a-half percent Friday.

For the week, the Nasdaq outperformed, rising 6%.

Piper Sandler senior technical analyst Craig Johnson: "A lot of the bad news has already been baked in.

I know a lot of the economists out there are certainly raising a lot of red flags about how bad things are, but I think a lot of that negative news is priced into the market." Another positive sign from China: Tickets for the re-opening of Shanghai Disneyland sold out quickly.

That pushed up Disney shares.

Uber shares zoomed higher.

The ride-hailing service said bookings for rides slowly recovered in recent weeks.

Rival Lyft's shares leapt Thursday when it surprised analysts with a huge jump in revenue.

Shares of Boeing rose.

CEO David Calhoun said in a Fox Business interview that his company will re-start production of the grounded 737 MAX jet this month.

As

Class="kln">Apple gets set to re-open a few stores in the U.S. next week, sources tell Reuters J.C.

Penney could permanently close about a quarter of its stores as it prepares to file for bankruptcy protection as soon as next week.




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