The great American comeback has begun

14

America’s comeback has begun! The economic numbers are in, and they are impressive. 2.5 million jobs were created in the month of May. Now is the time to go back on offense, Mr. President. Get back on the road. Start the Trump rallies again!!! By the way, the Democrats and the MSM are surely distraught with the strong economic numbers. They hate it when America wins.

New York, California, Pennsylvania and other Democrat states will be trying to play catch up.

Stocks soar after job market’s surprise bonanza

By Fox News, June 5, 2020

U.S. equity markets surged Friday morning after the economy unexpectedly added jobs in May as businesses began reopening their doors following lockdowns ordered to slow the spread of COVID-19.

The Dow Jones Industrial Average gained 673 points, or 2.56 percent, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite rose 1.96 percent and 0.9 percent, respectively.

The U.S. economy added 2.51 million jobs in May as the unemployment rate fell to 13.3 percent, according to a report released Friday morning by the Labor Department. Wall Street analysts surveyed by Refinitv were expecting the economy to lose 8 million jobs as the unemployment rate spiked to 19.8 percent.

President Trump, who posted an enthusiastic tweet afterward, will be holding a 10 a.m. ET press conference at the White House to discuss the report.

 

The labor market may see further gains in the month of June after New York Gov. Andrew Cuomo on Thursday said New York City will begin its Phase 1 reopening on Monday, allowing construction, manufacturing and limited retail services to restart.
Air carriers continued to soar after United Airlines announced plans to reinstate flights to 150 destinations beginning in July. Rival American Airlines announced on Thursday it would increase its flight schedule to 55 percent capacity.

Other travel-related names, including cruise operators, hotels and booking sites also outperformed.

In retail, embattled department store J.C. Penney is closing 154 sites in 38 states as it reorganizes its business after filing for Chapter 11 bankruptcy last month.

On the earnings front, Gap lost nearly $1 billion during the three months through March as the COVID-19 pandemic forced the company to shutter stores. The retailer said 55 percent of its locations have reopened and online sales are strong.

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