Wall Street stages big comeback from sell-off

The U.S. unemployment rate fell to 8.4% last month from 10.2% in July, the Labor Department said. Economists polled by Dow Jones expected the rate to decline to 9.8%. As for overall jobs creation, employment in the U.S. grew by 1.37 million in August, topping an estimate of 1.32 million. “The jobs data today were solid,” said Jamie Cox, managing partner at Harris Financial Group. “However, now the real work begins. The next 2-3% of employment gains are going to be very tough because there is no total reopening in sight.”

The report was not enough to push the markets into the green, however.

JPMorgan Chase and Citigroup both gained 2% as traders rotated into more beaten-down names. Boeing also climbed 1.4%. Apple, meanwhile, closed slightly higher after a late-day rally. Tesla ended the session 2.8% higher after dropping as much as 8.6%.

It will be a shortened trading week as U.S. markets are closed on Monday for Labor Day.

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