The New York stock market rebounded after shaking off last week's "employment shock" decline.
On the 4th (local time), the Dow Jones Industrial Average closed at 44,173.64, up 585.06 points (1.34%) from the previous transaction day. The Standard and Poor's (S&P) 500 index rose 91.93 points (1.47%) to close at 6,329.94, while the tech-heavy Nasdaq Composite Index finished the session at 21,053.58, up 403.45 points (1.95%) from the prior transaction day.
The employment report from the U.S. Department of Labor confirmed sluggishness in the labor market, leading all three major indexes on the New York stock market to decline on the previous transaction day, the 1st. However, expectations formed that a worsening employment situation would accelerate the Federal Reserve's (Fed) interest rate cuts, causing the indexes to rebound.
In particular, there was a notable strength in tech stocks that day. U.S. electric vehicle company Tesla rose 2.17% after approving a compensation plan to issue $29 billion worth of new shares to CEO Elon Musk.
In addition, major large tech stocks such as Nvidia (3.62%), Meta Platforms (3.51%), Microsoft (2.19%), and Alphabet (3.12%) also surged significantly. However, Amazon, which faced concerns about its cloud institutional sector performance, fell 1.46% following an 8% drop on the previous transaction day.