US stocks soared on Friday, with markets feeling upbeat about the end of the debt ceiling showdown and a strong May payroll report.
The Dow Jones Industrial Average spiked 700 points, or more than 2%, climbing steadily through the session, while the Nasdaq and S&P 500 were each up over 1%. The Senate late Thursday voted to send the bill that would raise the US borrowing limit for two years to President Joe Biden's desk to be signed. The move ends weeks of tense negotiations that brought the country to the brink of defaulting on some of its obligations. Treasury Secretary Janet Yellen had warned that the US would run out of cash in early June without raising the debt ceiling.
Meanwhile, on Friday morning, markets got a glimpse of the still red-hot labor market. Nonfarm payroll data for MayThe strong 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. Markets have been expecting the Fed to pause raising rates at the upcoming policy meeting this month, but a hot labor market could convince officials to maintain pressure to discourage any resurgence in inflation. As of Friday afternoon, fed fund futures were still showing about 70% odds that the Fed holds off on another rate hike, according to the CME FedWatch Tool.
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