US stocks jumped on Friday, putting the S&P 500 on track to halt its first two-week losing skid of the year after the May jobs report pointed to an economy still in need of central bank support. The US non-farm payrolls report showed moderate growth in the labour market in May, but not enough forward momentum to increase speculation that the Federal Reserve will begin to lessen its bond-buying program in the near future.
The S&P 500 has climbed nearly 15 percent so far this year, partly on the belief the Fed's stimulus would remain in place and central banks around the globe would continue their programs to support their respective economies. The Dow Jones industrial average gained 173.25 points, or 1.15 percent, to 15,213.87. The Standard & Poor's 500 Index rose 15.81 points, or 0.97 percent, to 1,638.37. The Nasdaq Composite Index climbed 33.61 points, or 0.98 percent, to 3,457.66.
The Dow was on track for its best daily performance since February 27. For the week, the Dow was up 0.6 percent and the S&P 500 was up 0.5 percent, while the Nasdaq was up 0.1 percent. Wal-Mart Stores Inc rose 1.1 percent to $76.48 and helped lift the Dow after the world's largest retailer said its board had approved a new $15 billion stock-repurchase program, the first in two years.
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