July 2 (UPI) -- U.S. stocks climbed on Thursday following a jobs report that smashed expectations.
The Dow Jones Industrial Average ended the day up about 92 points, or 0.36 percent, after having surged more than 200 points by 11:30 a.m. EDT. The blue-chip index on Tuesday finished its best quarterly performance since 1987.
The S&P 500 rose 0.45 percent and the Nasdaq closed up 0.56 percent.
Earlier, the Labor Department reported that the U.S. economy added 4.8 million jobs for the month of June, far more than the 3 million forecast by many analysts.
Materials stocks saw a boost on Thursday as Vulcan Materials stock gained 4.19 percent, Xerox Holdings rose 3.83 percent and shares of cosmetics company Coty increased 3.01 percent.
As coronavirus cases continued to rise, including a surge of 10,000 new cases in Florida, stocks that would benefit from the lifting of restrictions to prevent the spread of COVID-19 slid, dragging the markets down from their highs.
Carnival stock fell 2.87 percent, Norwegian Cruise Line slid 2.74 percent and Royal Caribbean fell 2.60 percent while American Airlines dropped 2.42 percent and United Airlines declined 0.90 percent.
Thursday's gains put the markets on pace for a strong weekly increase as both the Dow and S&P 500 have climbed more than 3.7 percent and Nasdaq has gained 5.2 percent.