Stocks Soar as U.S. Adds Jobs Despite Tariff Tensions

Dow Jones Surges Over 500 Points, S&P 500 and Nasdaq Follow Suit

The market exploded on Friday with stocks shooting up as the U.S. economy flexed its muscles, adding a solid 139,000 jobs in May. This happened even with all the chaos surrounding tariffs!

The Dow Jones Industrial Average blasted off by over 500 points right at the open, fueled by a cooling in the fiery public clash between President Donald Trump and Elon Musk. The S&P 500 climbed 1.1% to hit 6,000, while the Nasdaq Composite jumped 1.3% higher.

Wall Street was buzzing after the U.S. Department of Labor’s Bureau of Labor Statistics dropped their report. It revealed that the U.S. economy was holding strong, with 139,000 new nonfarm payrolls in May - smashing the 126,000 job forecast by economists.

This comes hot on the heels of April's numbers, which showed 147,000 fresh nonfarm payrolls, with the U.S. unemployment rate staying steady at 4.2%.

“The economy, despite all of this craziness that we’re getting every day, is still growing,” Stephanie Link, Hightower Advisors' chief investment strategist, told CNBC.

Even as the May jobs numbers rolled in, investors were on edge, fretting over the U.S. economy with tariffs still a big wild card. Stocks had shed some gains on Thursday as the feud between Elon Musk and President Donald Trump heated up on social media.

Notably, Tesla shares, which plummeted during the spat, started to claw back in premarket trading. Musk had called for Trump's impeachment on Thursday, as the backlash against the president’s tax bill escalated into threats and counter-threats. At one point, Trump warned that the government could cut ties with Musk’s businesses.

As stocks surged on Friday, stablecoin company Circle's stock kept its upward momentum, adding to its blockbuster Wall Street debut. CRCL shares were up 14% at $94, having skyrocketed 168% after listing on the New York Stock Exchange.

Meanwhile, the crypto market showed signs of life after taking a hit, with Bitcoin (BTC) diving to lows of $100,400 amid the Trump-Musk feud. At the time of writing, BTC was hovering around $103,800.