Stocks were higher following the May employment report, which surpassed expectations.
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The U.S. economy added 223,000 workers in May, surpassing the 188,000 analysts polled by Thomson Reuters were expecting. The unemployment rate fell to 3.8%, an 18-year low and down from April’s 3.9%. Wage inflation inched higher, to 0.3%.
Treasury yields climbed following the report, on the expectation that it would support an impending Fed rate hike. Financial stocks, including Bank of America, Goldman Sachs, Wells Fargo, Citigroup and JPMorgan Chase ascended Friday.
Other economic data released Friday morning included readings on the manufacturing and construction sectors. May construction activity increased by 1.8% and the Institute of Supply Management’s May manufacturing index came in at 58.7, above the 58.1 analysts were expecting. Any reading above 50 indicates expansion.
In commodities, both gold and oil futures were lower.
Markets fell on Thursday, with The Dow Jones Industrial Average slipping 251.94 points, or 1.02%, to 24,415.84. The S&P 500 fell 18.74 points, or 0.7%, to 2,705.27. The Nasdaq Composite dropped 20.34 points, or 0.27%, to 7,442.12.
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The losses came after the U.S. government said it would remove tariff exemptions on the EU, Canada and Mexico. Tariffs of 25% on steel and 10% on aluminum went into effect on Friday.
FOX Business’ Ken Martin contributed to this article.
