Strong Jobs Report and Debt Ceiling Passage Boost Markets and Yields
The Dow Jones surged by 578 points, or 1.8%, on Friday following the Senate's passage of the debt ceiling bill and a strong May jobs report. The unemployment rate rose to 3.7%, higher than expected, but the economy added 339,000 jobs last month. Telecom stocks fell after reports that Amazon is in talks with Verizon, T-Mobile, and Dish Network to offer mobile phone services to Prime members. The Minneapolis Park and Recreation Board is having more success hiring workers this year, while two surveys in the jobs report are telling different stories. President Biden praised the jobs report and looks forward to signing the debt ceiling bill into law.