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Yahoo Finance Live’s Julie Hyman takes a look at the market’s reaction to the strong May jobs report.

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On Friday, June 4th, stocks rose on a strong May jobs report. The US economy added 559,000 jobs last month, exceeding expectations of economists who had predicted a gain of around 675,000 jobs. The unemployment rate dropped to 5.8 percent from 6.1 percent in April.

The news buoyed stocks on Wall Street and gave investors renewed optimism about the state of the US economy. The Dow Jones Industrial Average climbed 0.5 percent to close at 34,756.39 points, while the S&P 500 rose 0.9 percent and the Nasdaq Composite gained 1.5 percent.

The gains were widespread across industries, with technology and consumer-focused companies leading the way. Apple, Amazon, and Microsoft all closed at record highs. Tesla also jumped 4.5 percent, bringing its total gains this year to over 335 percent.

The strong jobs report is a clear sign that the US economy is recovering faster than expected from the COVID-19 pandemic. With more people returning to work, consumer spending is expected to increase, giving a boost to businesses across all sectors.

However, there are still concerns about the impact of rising inflation on the economy. The Federal Reserve has signaled that it expects inflation to be temporary, but some experts warn that if it persists, it could force the central bank to raise interest rates earlier than expected.

In addition, there are still millions of Americans who remain unemployed, and some industries are still struggling to recover. For example, the leisure and hospitality sector added only 292,000 jobs in May, despite the easing of COVID-19 restrictions.

Overall, the strong May jobs report is a promising sign for the US economy, but there are still challenges ahead. Investors will be carefully watching for signs of inflation and how the Federal Reserve responds to it, as well as how quickly businesses and industries can fully recover from the pandemic.