Strong Jobs Report Boosts US Stock Market

The Dow Jones Industrial Average surged 700 points as the Senate voted to raise the US borrowing limit for two years, ending weeks of tense negotiations. The strong nonfarm payroll data for May, which showed employers added 339,000 jobs, also boosted markets. The reading could complicate the Federal Reserve's approach to fighting inflation, though it was tempered by an increase in the unemployment rate and slower wage gains.