U.S. employers added to their payrolls last month in news sending stocks up on Friday.
The May jobs report from the Labor Department showed payrolls up by 2.5 million as the unemployment rate fell to 13.3% from April’s 14.7%.
The S&P 500 was up 2.9% to 3,201.03 in midday trading Friday.
The Dow Jones rose 3.5% to 27,211.85, while the Nasdaq jumped 2.3% to 9,831.85.
Crude oil rose 4.5% to $39.08.
The yield on a 10-year Treasury spiked 12.8% to 0.93%.
Meanwhile, gold fell 2.5% to $1,683.50.
Healthpeak Properties Inc. (NYSE: PEAK) rose 5.7% to $29.35, a day after Motley Fool-owned Millionacres targeted the company as a strong buy, citing its acquisition and development plan and the likelihood for recovery post-pandemic. The Irvine healthcare REIT had a recent market capitalization of $15.8 billion.
Irvine-based Pacific Premier Bancorp Inc. (Nasdaq: PPBI) jumped 10.3% to $25.67 for a market cap of $2.4 billion. The company earlier in the week confirmed the closing of its buy of Irvine-based Opus Bank.