Stocks boom Friday after report shows major U.S. job growth

June 5 (UPI) -- U.S. stocks boomed Friday following a surprise in the federal government's labor report that showed the economy grew by more than 2 million jobs last month.

Analysts expected the report to show between 7 million and 8 million jobs lost for the month of May. Instead, the assessment shocked virtually everyone by reporting the addition of 2.5 million jobs and a declining unemployment rate.

The Dow Jones Industrial Average closed up by 829 points, or 3.1 percent. The S&P 500 was up 81 points (2.6 percent) and the Nasdaq Composite gained nearly 200 points (2 percent).

Friday's surge continued significant growth for all three major U.S. indices over the last three weeks. The Dow has grown by nearly 10 percent over that span and posted gains for every day this week, except Thursday when it closed with a slight loss.

All three indexes saw significant growth for the week, with the Dow finishing up 6.8 percent, the S&P 500 up 4.9 percent and the Nasdaq up 3.4 percent.

Airline stocks have also grown significantly this week as carriers prepare to begin increasing passenger totals following weeks of depressed travel demand due to the coronavirus pandemic.