Market Recap – June 2nd
Stocks rallied on Friday, driven by positive factors such as a robust May jobs report and the Senate’s approval of the debt ceiling bill. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average posted significant gains, with the Dow leading the way with a rise of 2.12%. The S&P 500 closed the week at its highest level since August 2022.
In terms of notable investments, Tesla experienced a more than 1% increase in its stock following reports that China is considering extending tax exemptions for affordable electric cars. Samsara, a cloud company serving the industrials industry, saw its shares surge by nearly 14% after reporting a smaller-than-expected loss in the first quarter and exceeding revenue expectations. The company also raised its full-year sales guidance. Overall, the positive market sentiment was fueled by the strong jobs report and the resolution of concerns surrounding the US debt ceiling, leading to a surge in stocks.
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I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.