U.S. Stocks Surge After June Jobs Report

S&P 500 near record high after nonfarm payrolls increased by 287,000 in June.

A boost in hiring in June catapulted the S&P 500 right near its record closing high and lifted all major U.S. stock indexes back to where they were before the U.K.’s vote to leave the European Union.

The S&P 500 rose 1.5% to close at 2129.90.

In intraday trade, it rose as high as 2131.71, climbing above its record closing level of 2130.82, hit on May 21, 2015.

In the bond markets, the 10-year Treasury yield settled at a record low of 1.366%.

U.S. employers added far more jobs than expected in June, providing reassurance that the U.S. economy is growing solidly after a weak report in May. The strong gains could bolster the case for the Federal Reserve to raise interest rates later this year, but many investors brushed off that possibility and instead focused on the economic implications.

After a shaky start to the year, major U.S. stock indexes had clawed back near record highs by mid-June. Then came the surprise decision on June 23 by the U.K. to leave the EU, which sparked a two-day selloff that wiped 871 off the Dow Jones Industrial Average.

On Friday, the blue-chip index climbed 250.86 points, or 1.4%, to 18146.74, above its pre-Brexit level of 18011.

The Nasdaq Composite gained 1.6%.

Technology and consumer discretionary companies, which typically do well when investors expect economic expansion, helped lead stocks higher Friday.

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