Stocks surge to within 10% of records after signal recovery could come earlier than expected

NEW YORK — Wall Street surged on Friday after a strikingly upbeat May jobs report unexpectedly provided the clearest evidence yet that the U.S. economy is headed for a quicker-than-anticipated recovery.

“It would suggest a further confirmation the economy is coming back online,” Arone added. “This is a strong signal that the effects are temporary and that the economy is improving.”U.S. Treasury yields rose on the jobs data, giving a boost to interest rate-sensitive banks. Unofficially, the Dow Jones Industrial Average rose 829.16 points, or 3.15 per cent, to 27,110.98, the S&P 500 gained 81.58 points, or 2.62 per cent, to 3,193.93 and the Nasdaq Composite added 198.27 points, or 2.06 per cent, to 9,814.08.

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