Wall Street Finishes the Week with Strong Rebound

The benchmark indices of the New York Stock Exchange (NYSE) recovered from its recent losses due to the rise in Treasury yields, as the sentiment of Wall Street improved on the back of positive employment data in the United States.

The Dow Jones Industrial Average gained 572.16 points, or 1.9%, to close at 31,496, turning to a weekly rise of 1.8%.

The S&P 500 index surged by 2% and finished at 3,841.94, adding 0.81% for the week.

Meanwhile, the Nasdaq Composite Index settled higher by 196.68 points, or 1.6%, at 12,920.15 points, rising by 2.06% on a weekly basis.

Earlier today, data by the U.S. Department of Labor showed that the unemployment rate in the United States declined to 6.2% in February from 6.3% in January. Last month, the American economy added the biggest number of jobs in four months, amid the recovery from the impact of the Coronavirus pandemic and the rollout of vaccines, which helped ease preventive measures and restriction as the number of new cases declined.