Dow surges 440 points after US adds way more jobs than expected in June

• US equities soared on Thursday after June's jobs report trounced estimates and lifted hopes for a swift economic recovery.
• American businesses added 4.8 million payrolls last month, according to the Bureau of Labor Statistics, handily beating expectations of a 3 million payroll increase.
• The unemployment rate fell to 11.1%, below the anticipated reading of 12.5%.
• Oil prices climbed, with West Texas Intermediate crude gaining as much as 1.6%, to $40.44 per barrel.
• Watch major indexes update live here.

US stocks jumped on Thursday after June jobs data beat expectations and further fueled hopes for a near-term economic rebound.

The nation's economy added 4.8 million nonfarm payrolls last month, the Bureau of Labor Statistics announced Thursday morning. That exceeded the consensus economist forecast, which predicted 3 million job additions.

The unemployment rate fell to 11.1%, lower than the economist forecast of 12.5%, and down from 13.3% in May.

Here's where US indexes stood shortly after the 9:30 a.m. ET market open on Thursday:

• S&P 500: 3,160.22, up 1.4%
• Dow Jones industrial average: 26,174.57, up 1.7% (440 points)
• Nasdaq composite: 10,292.82, up 1.4%

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The release reveals healthy hiring activity taking place amid ongoing economic-reopening efforts. However, the report's data doesn't cover recent weeks in which coronavirus case counts soared across several states. The virus's resurgence has some experts fearing a second bout of economic pain.

"High-frequency data suggests that the labor market strength had started to wane later in the month, perhaps as households and businesses grew increasingly cautious about the rise in infection rates," said Seema Shah, chief strategist at Principal Global Investors.

She added: "Indeed, now, with the closings having been reversed or paused across 40% of the US, July's job report may paint a much weaker story."

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In separate labor market data, jobless claims fell to 1.43 million in the week ended June 27. That was a slight decline from 1.48 million the prior week. Continuing claims, which track ongoing unemployment benefits, came in at 19.3 million for the week ended June 20.

Tesla stock skyrocketed to a record high after second-quarter deliveries came in above estimates. The automaker delivered roughly 90,650 vehicles in the period. Analysts surveyed by FactSet expected 72,000 second-quarter deliveries, according to CNBC.

Boeing helped lift the Dow. Shares bounced after the company completed recertification flights of its troubled 737 MAX model.

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Oil prices climbed. West Texas Intermediate crude climbed as much as 1.6%, to $40.44 per barrel. International benchmark Brent crude gained 1.6%, to $42.71 per barrel, at intraday highs.

Thursday's upswing follows a mixed session for equities. Stocks whipsawed on Wednesday as investors mulled positive COVID-19 vaccine trial results from Pfizer and soaring case counts across the US. June payroll data from ADP came in lower than hoped for, leaving some to fear a disappointment in Thursday's jobs reports.

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