- For the week, the Dow Jones advanced 0.2%, the S&P 500 1.1%, and the Nasdaq 2.6%
- The U.S. economy added 916,000 jobs in March
- The unemployment rate fell to 6.0%
The U.S. stock market advanced last week as investors remain optimistic after President Joe Biden unveiled a $2.25 trillion spending program focused on jobs and infrastructure. Another positive news is that the U.S. economy added 916,000 jobs in March while the unemployment rate fell to 6.0%.
This indicates that the U.S. economy continues to recover from the pandemic, and investors stayed focus on stocks that could benefit from a growing economy.
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“These improvements in the labor market reflect the continued resumption of economic activity that had been curtailed due to the coronavirus (COVID-19) pandemic. Job growth was widespread in March, led by gains in leisure and hospitality, public and private education and construction,” the Labor Department said.
The leisure and hospitality segment saw an increase of 280,000 jobs while the construction industry added 110,000 jobs in March. About 9.7 million people are still unemployed in the U.S., but this number could decrease once the pandemic is over.