I'm David Brancaccio in Berlin and in Los Angeles with the latest on what's happening in business and in the world, here's Cheryl Glaser. It's one of those days that leaves Wall Street watchers scratching their heads. And there was plenty for an inflation-spooked financial market to worry about.
Hourly wages are up.
And to top it all off, the Labor Department revised the April numbers, saying that almost 200 thousand more jobs were created than had originally been reported. But instead of diving into a black hole, Wall Street acted like it was party time. Bond prices rallied and took stocks with them. The Dow Jones Industrial Average zoomed up a whopping 130 points or more than one and three-quarters percent to close above the 74 hundred level for the first time ever. Well, some people say that while wages were higher and more jobs were created last month, neither one of those numbers was as strong as expected.