June 6 – Stocks climbed after May’s U.S. jobs data beat estimates, sending indexes higher.

The Dow Jones Industrial Average jumped about 510 points, or 1.2%. The S&P 500 also added roughly 1.2%, reaching the 6,000 mark for the first time since late February. The Nasdaq Composite rose 1.4%.

Tesla (NASDAQ:TSLA) led gains among major names, jumping more than 3% after tumbling the previous day amid a public spat involving Elon Musk. Nvidia (NASDAQ:NVDA), Meta Platforms (NASDAQ:META) and Apple (NASDAQ:AAPL) also traded higher.

Nonfarm payrolls rose by 139,000 in May, topping economists’ projections of 125,000 but coming in slightly below April’s revised 147,000 gain. The jobless rate remained at 4.2%.

Today’s jobs report may not prompt the Fed to cut rates, said Eric Merlis, co-head of global markets at Citizens. He noted that while other indicators point to a softer labor market, demand for workers remains stable as firms adapt to policy shifts.

Earlier this week, weekly unemployment claims came in above forecasts, and ADP data showed private payrolls grew by just 37,000 in May, missing estimates.

For the week, the S&P 500 and Dow are up nearly 2% and 1.5%, respectively, while the Nasdaq is more than 2% higher.

This article first appeared on GuruFocus.