On Friday, U.S. markets rose, led by technology firms, as a weak monthly jobs report eased investor concerns that the Federal Reserve would soon begin to reduce monetary assistance.
Employers in the United States expanded hiring and hiked wages in May as they competed for workers. However, the growth in nonfarm payrolls of 559,000 jobs fell short of the 650,000 predicted by experts polled by Reuters.
Investors were concerned that a strong jobs report, which hinted to increasing inflation, might force the Federal Reserve to reduce the stimulus it had implemented during the pandemic.
The wild rides for so-called “meme stocks” drew the attention of investors, with AMC Entertainment Holdings’ stock little altered but on track to nearly quadruple for the week.
Pershing Square Tontine Holdings, owned by billionaire William Ackman, fell 14.0 percent when it was revealed that it was in talks to buy 10% of Universal Music Group.
Investors were keeping a close eye on the anticipated infrastructure expenditure in the United States. On Friday, President Joe Biden met with the chief Republican negotiator in an attempt to reach an agreement that will please their severely split camps.