US stocks opened sharply higher Friday even after the American jobs market suffered its biggest blow ever, with the unemployment rate spiking to 14.7% and blowing past the worst levels of the Great Recession.
Here's where things opened today:
- The Dow jumped 330 points, or 1.4%.
- The S&P 500 advanced 1.1%.
- The Nasdaq climbed 0.8%, leaving it up nearly 1% on the year.
Reasons for the climb: Although Main Street is reeling from the coronavirus crisis, Wall Street is looking forward to the potential for better days ahead.
As awful as these numbers are, investors had been bracing for the bad news. In fact, economists had expected an even bigger loss of jobs and a 16% unemployment rate.