Stocks Rally Brings First Weekly Rise in Three

U.S. stocks rallied on Friday, with Wall Street clearing weekly losses to tally its first weekly gain in three, as U.S.  jobs data eased anxiety that the Federal Reserve may be reducing its stimulus program in the near future. The Dow Jones Industrial Average rose 207.50 points, or 1.38%, at 15,248.12. The S&P 500 index gained 20.82 points, or 1.28%, to 1,643.38. The Nasdaq Composite added 45.17 points, or 1.32%, to 3,469.22.

The latest jobs report on Friday showed that government spending cuts have so far not been as damaging as some feared, Philadelphia Fed President Charles Plosser said, adding it only entrenched his opinion that the Federal Reserve should
reduce its bond buying “now”.

Crude-oil futures closed above $96 a barrel on Friday for a weekly gain of more than 4%, with traders encouraged by U.S. job growth in May, but still uncertain over the outlook for the Federal Reserve’s easing program. Crude for July delivery
climbed $1.27, or 1.3%, to settle at $96.03 a barrel on the New York Mercantile Exchange, its highest close since May 21.

Consumer credit rebounded in April, the Federal Reserve reported Friday. U.S. consumers increased their debt in April by a seasonally adjusted $11.1 billion, up from an $8.4 billion gain in March. However, the increase is below Wall Street
expectations of a $13 billion gain.

The U.S. Treasury’s deal to sell 30 million shares of General Motors Co. will recoup taxpayers another $1 billion of the bailout money the government put into the automaker back in 2009.