The unemployment rate fell to 11.1% last month.
The market moved higher on Thursday, despite a continued spike in new coronavirus cases across much of the country, as stocks were boosted by a bigger-than-expected jobs increase last month.
“This is yet another sign that our economy is coming back faster than nearly anyone expected,” says Ryan Detrick, senior market strategist for LPL Financial, about the jobs report. “The spike in Covid-19 cases could slow things down some going forward, but for now, the stock market only cares about one thing—and that is the reopening.”
Shares of Tesla surged another 8% to yet another record high on Thursday, after the electric vehicle maker said it produced over 90,000 cars in the second quarter, far exceeding the 72,000 expected by analysts.
