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Silver lining? As bad as jobs report is, analysts expected worse

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NEW YORK (AP) — As bad as the April jobs report was, it wasn't quite as bad as analysts were expecting, which sent stocks and bond yields rising early Friday.

The government reported that the unemployment rate spiked to 14.7% last month as job losses swept the country because of lockdowns to combat the coronavirus.

But economists were bracing for an even worse reading of 16%, according to FactSet.

The S&P 500 rose 1%, and the yield on the 10-year Treasury rose to 0.66%.

Investors are also embracing hopeful signals that the U.S. and China won't renew their trade war.

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Associated Press

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