US stocks rally despite surge in unemployment, Dow +1.9%

NEW YORK: Wall Street stocks rallied on Friday as investors shrugged off historically bad jobs data in anticipation of better times as the economy relaunches from coronavirus shutdowns.

The US lost an unprecedented 20.5 million jobs last month, pushing the unemployment rate to 14.7 per cent from 4.4 per cent in March - the highest since the Great Depression of the last century - according to Labor Department data.Analysts also pointed to conciliatory statements from Chinese and US officials following talks, which lessened fears of a revived trade war.

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