Stock market live Friday: Nasdaq hits new record, Dow jumps 3%, S&P 500 close to breakeven for 2020

Finance

The New York Stock Exchange (NYSE) is pictures on May 26, 2020 at Wall Street in New York City.

Johannes Eisele | AFP | Getty Images

This is a live blog. Check back here for updates:

8:10 am: Airlines continue to soar on reopening trade

Shares of the major U.S. airlines are jumping in premarket trading again on Friday as investors pile into the beaten-down industry on hopes of recovery as the economy reopens. American Airlines surged 20% in premarket trading after its 41% surge on Thursday. Delta Air Lines and United Airlines rose 11% and 14%, respectively. Southwest ticked up about 5%. The US Global Jets ETF is up 27% this week, and has gained more than 10% in premarket trading. — Fitzgerald

8 am: Casino stocks jump again amid reopenings

Shares of casinos climbed in premarket trading Friday as Las Vegas began opening gambling locations Thursday during phase two of Nevada’s reopening process. MGM Resorts jumped 3.5% in premarket, while Wynn Resorts and Las Vegas Sands rose 2.7% and 3.1%, respectively. These stocks are set to close the week with solid gains on reopening optimism. Through Thursday’s close, MGM soared more than 26%, while Wynn and Las Vegas Sands gained 14% and 9%, respectively. — Li

7:45 am: Stock futures point to strong finish to robust week

Futures contracts tied to the major U.S. stock indexes suggested another rally to finish an otherwise robust week on Wall Street. Dow futures rose 350 points, indicating an opening gain of 340 points or 1.3%. S&P 500 futures implied a 0.8% climb while Nasdaq-100 futures suggested an advance of 0.35%. — Franck

7:39 am: Jobless rate likely to show highest level since the Depression era

Unemployment likely hit its worst level since the Great Depression era in May, with the only question being just how bad things got. Economists surveyed by Dow Jones expect nonfarm payrolls to show a decline of 8.333 million for the month and an unemployment rate of 19.5% that would be the worst since the 1930s. The principle question going forward is whether the month marked a bottom for a self-induced economic downturn from efforts to stem the coronavirus pandemic. — Cox

7:30 am: The market’s big week

Investor optimism over the economy’s reopening continued to fuel stocks this week, and the major averages are on track for their third straight week of gains. If the S&P 500 and Dow Jones Industrial Average finish higher for the week they will both notch their first three-week winning streak since December. It’s the Nasdaq Composite’s longest weekly winning streak since January.

On Thursday, the Nasdaq-100 rose to an all-time intraday high, thereby erasing all of its coronavirus-induced losses, before reversing gains and closing modestly lower. Still, it was the first index to reach a new record since the pandemic began. Tech shares have continued to lead the market higher, and the Nasdaq Composite is now roughly 2% below its record high. The S&P 500 and Dow are 8.3% and 11.1% below their highs, respectively. Elsewhere in the market, the NYSE Arca Airline Index has gained nearly 30% this week putting it on track for its best week since 2008, while the SPDR S&P Bank ETF (KBE) is pacing for its best week since April after jumping more than 10%. — Stevens

CNBC’s Jeff Cox and Pippa Stevens contributed reporting.

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