US stocks rise sharply after hiring picks up in May; Dow jumps 207, second-best day this year

NEW YORK, N.Y. – The stock market is closing sharply higher after the government reported a pickup in hiring last month.

The Dow Jones Industrial average rose 207 points, or 1.4 per cent, to 15,248 Friday. It was the Dow’s second-biggest gain this year.

Boeing led the Dow higher with a gain of 2.7 per cent.

The Standard & Poor’s 500 rose 20 points, or 1.3 per cent, to 1,643. The Nasdaq rose 45 points, or 1.3 per cent, to 3,469.

Indexes rose after the government reported that employers added 175,000 jobs last month, slightly more than expected. More people also started looking for work.

Investors still expect the Federal Reserve to continue its stimulus.

Two stocks rose for every one that fell on the New York Stock Exchange. Volume was lighter than usual at 3.3 billion shares.