(WWLP) – The Dow skyrocketed more than 570 points Friday.
It marks a wild day for stocks with the Dow surging more than 300 points after the opening bell, before briefly turning negative in the late morning. The S&P 500 gained 2-percent having also clawed its way out of the red.
The stock surge comes following a solid February jobs report out Friday. The job gains were much bigger than expected and the unemployment rate inched down, a good sign for the economy.
22News spoke with financial expert Mark Teed with Raymond James. He explained, “It started out with a really good jobs report, a little hotter than we thought so it set the markets off in a real positive way.”
“When the interest rates started to go up, the markets responded very negatively. They really wanted the federal reserve chairman to come out and say something like he’s going to take care of bringing rates down and when that didn’t happen the markets just sold off really aggressively,” Teed continued.
Some economists worry about inflation which explains the brief sell-off Friday.
It’s also why investors have been on edge this year as the economy recovers from the COVID-19 pandemic.