Dow rallies more than 700 points, on pace for its biggest gain since November

The Dow Jones Industrial Average was surging in late afternoon trading Friday, on track for its biggest gain since November after the Senate passed the debt-ceiling bill and a government report showed the economy added more jobs than expected in May.

The Dow

was up nearly 717 points, or 2.2%, as the U.S. stock market rallied heading towards the closing bell. A close at that level would mark the index’s largest gain in points since the end of November, according to Dow Jones Market Data.

Meanwhile, the S&P 500

appeared on the verge of exiting its bear market based on late afternoon trading. The index was trading at around 4,285, just under the level it would need to hit for a bear-market exit by finishing 20% above its 2022 closing low in October.