Markets surged higher Thursday, the last trading day before the July 4 holiday weekend after a blowout jobs report.
The Bureau of Labor Statistics reported Thursday that the U.S. added 4.8 million non-farm payrolls in June. May non-farm payrolls were revised higher to 2.7 million.
Markets opened sharply higher with the Dow Jones Industrial Average up over 400 points
“Today’s announcement proves that our economy is roaring back…we’re putting out the flames of the fire,” President Donald Trump said in a press conference following the report.
The president also said he expects employment to increase in coming months. “We’re going to have big numbers in the coming months,” Trump added.
Leading the increase in jobs was the hospitality and leisure sector, which saw an increase of 2.1 million jobs.
Food services and bars saw an increase of 1.5 million jobs as many restaurants and bars began to reopen to some degree.
However, employment in the sector remains down by 3.1 million jobs since February and investors will closely be watching the July jobs report as many states have paused reopening amid a surge of coronavirus cases in the U.S.
Wednesday saw the nation report an increase of over 50,000 cases for the first time ever.
Watch More Videos From TheStreet and Jim Cramer: