Dow rises more than 400 points despite record job losses, posts first weekly gain in three; Europe markets close higher after US jobs data; Siemens soars 6%; BELEX15 flat
Stocks rose on Friday even after the ugliest monthly jobs report ever as investors bet the worst of the coronavirus and its impact on the economy has passed. The Dow Jones Industrial Average jumped 455.43 points, or 1.9%, to 24,3331.32, closing near its session high. The S&P 500 gained 1.6%, or 48.61 points, to 2,929.80, while the Nasdaq Composite climbed 1.5%, or 141.66 points, to 9,121.32.
The Labor Department said a record 20.5 million jobs were lost last month, adding the unemployment rate jumped to 14.7% from 4.4%. Both the spike in job losses and the unemployment-rate surge are post-World War II records.
Stocks that would benefit from reopening the economy rose again Friday. Airline stocks such as Delta, American and United all gained at least 4.8%. Disney climbed 3.4% while MGM Resorts advanced 4.4%.

European stocks closed higher on Friday afternoon despite data from the U.S. Labor Department showing a record 20.5 million jobs were lost last month.
Germany’s DAX closed up 1.4%, while France’s CAC 40 was around 1% higher and Italy’s FTSE MIB was also up 1%.
When it comes to individual stocks, Siemens rose 6% Friday after reporting earnings for the first quarter. Speaking to CNBC, Chief Executive Joe Kaeser warned of a trough in the third quarter looking ahead. “The question – the jury is still out – is how long it’s going to last,” he said.
ING was also higher, up 3.4%, after reporting earnings. The Netherlands-based banking group said pre-tax profit fell 36% in the first quarter.

BELEX15 was almost flat with only minor negative change. Total turnover was bit higher on Friday at EUR 122k. However, most of the volume was seen at tobacco company, Philip Morris - RSD 12m. The stock lost 7.6%, even though finical numbers for 2019 were fine – net profit was up 20% y/y.
Serbia's government plans to reopen Nikola Tesla airport in Belgrade for commercial flights as of May 18, infrastructure minister Zorana Mihajlovic said on Friday. Flag carrier Air Serbia will operate flights to London, Frankfurt, Vienna and Zurich from Belgrade on May 18, Mihajlovic said in a government press release.
Source: CNBC, Ilirika