Markets
Stocks rallied last week as investors responded to upbeat economic data and easing trade tensions.
The Standard & Poor’s 500 Index added 1.50 percent, while the Nasdaq Composite Index rose 2.18 percent. The Dow Jones Industrial Average advanced 1.17 percent. The MSCI EAFE Index, which tracks developed overseas stock markets, picked up 0.78 percent.1,2
S&P 500 Closes Above 6,000 (Again)
Early in the week, markets notched steady gains as investors awaited key economic indicators and monitored ongoing trade discussions. Megacap tech names—particularly AI chipmakers—led the broader market higher, as sentiment stayed bullish on prospects for a U.S.-China trade deal.3
Midweek, however, concerns over tariffs and a notable decline in one megacap tech stock slowed overall market momentum. Recent conversations between the U.S. and Chinese leadership helped investors envision progress toward a trade deal between the two nations.4,5
On Friday, stocks pushed higher following the release of the May jobs report, which showed an addition of 139,000 jobs, above expectations of 125,000. The S&P 500 closed above 6,000 for the first time since February—a key psychological hurdle for some market participants. And the Dow erased all its 2025 year-to-date losses.
Jobs Report, better than expected
Amid considerable market noise, stocks pushed higher last week.
Here are three takeaways:
- The upbeat jobs report was strong enough to ease some economic concerns.
- The jobs report showed that the unemployment rate held steady at 4.2 percent, and wage growth increased by 3.9 percent year-over-year. These figures also helped ease slowdown fears.6
- Despite some political squabbles, trade talks progressed this week, with the U.S. striking a deal with Germany while continuing to move forward with China.7
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