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Stock market update for May 8, 2020

Stock market news

The US unemployment rate jumped to 14.7%. “Record 20.5 million American jobs lost in April. Unemployment rate soars to 14.7%.

The US economy lost 20.5 million jobs in April, the Bureau of Labor Statistics said Friday — by far the most sudden and largest decline since the government began tracking the data in 1939.
Those losses follow steep cutbacks in March as well, when employers slashed 870,000 jobs. Those two months amount to layoffs so severe, they more than double the 8.7 million jobs lost during the financial crisis.
For many Americans who lost their jobs and their homes in the 2008 financial crisis, this moment reopens old wounds. It took years to rebound from those setbacks. When the economy eventually did crawl back, US employers added 22.8 million jobs over 10 years — a victory for all those who had weathered the Great Recession.”

Source: https://edition.cnn.com/2020/05/08/economy/april-jobs-report-2020-coronavirus/index.html

With these bad news, at 3:14 PM on Friday, May 8, 2020
Eastern Time (ET) the US stock market rallies, ignoring the news. The latest stock market update is as follows:

Dow:24,242.15,+366.26 +1.53%
S&P 500:2,921.13,+39.94,+1.39%
Nasdaq: 9,098.11 ,+118+ 45 1.32%

Stock market data: MarketWatch

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