The rally that began off the opening regular sessions had legs. Even though the unemployment rate ticked up (3.5% to 3.7%), the economy still exhibited strong job growth for the month of May. This provides further evidence that the economy refuses to buckle despite the unprecedented interest rate hikes.
The brief dip off the report was quickly met with buyers. The pace of the rally greatly accelerated when the index cleared the 4270 level for good a few hours into the session.
For the session, the index added 60 handles at the closing price of 4288 and brings the total for the abbreviated week to 74.75 handles. Friday’s closing marked the highest close for the index since August 2022.
Tesla Inc. (NASDAQ: TSLA) was the biggest winner of the top components of the index. The issue extended its winning streak to five sessions by adding $6.45 or 3.1%.
That was over double the cash index’s gain of 1.42%.
The one and only loser of the top components of the index was Nvidia Corp (NASDAQ: NVDA), which was the top percentage gain. As a result of some profit-taking, the issue declined by $4.43 or 1.1% at the closing price of $393.27.
