U.S. job losses for April were massive but not as bad as projected while the U.S. and China seem to be easing trade tensions again, sending the stock market higher to finish off a rocky week, plus more in today’s Closing Bell on Money & Markets.

The Top Story

Major U.S. stock market indexes on Wall Street rallied late again Friday despite more dismal jobs data.

Nonfarms payrolls sank by 20.5 million April because of the coronavirus lockdown, but economists were expecting numbers around 22 million. The news likely injected some optimism into markets regarding the state of the economy as states roll out plans to slowly reopen.

“There were whispers that the number could come in much worse,” Wells Fargo Wealth & Investment Management CIO Darrell Cronk said. “The fact they didn’t come in higher is a bit of a relief rally. The market is exhaling a little bit on the fact that the worst jobs report in modern history wasn’t even worse.”

The 14.7% unemployment rate is the highest reported since the Great Depression of the 1930s, but it still isn’t stopping investors from piling into the stock market as a combination of stimulus and FOMO (fear of missing out) drives prices up.

Markets were also supported by what looks like improved trade relations between the U.S. and China after negotiators from both sides have reportedly agreed to improve implementation of the phase one deal that was signed in January.

This was only days after U.S. President Donald Trump threatened Beijing with more tariffs in response to the coronavirus outbreak that reportedly originated in Wuhan, China.

The Dow Jones Industrial Average rose 1.9%. The S&P 500 gained 1.7% and the Nasdaq composite rose 1.6% after turning positive for the year Thursday.

Stock Market Update: Closing Bell*

S&P 500: 2,929 (+1.7%)
DOW: 24,331 (+1.9%)
NASDAQ: 9,121 (+1.6%)
GOLD: $1,710.10 (-0.9%)
BITCOIN: $9,953.01 (+0.6%)
U.S. 10-YEAR YIELD: 0.678 (+0.047)

*- as of 4:05 p.m.

A Big Win

In this morning’s Opening Bell we mentioned Hostess Brands Inc. (NASDAQ: TWNK) edging out Wall Street’s earnings projections. It looks like some profit-taking happened after shares were trading 8.6% higher in premarket. Hostess stock closed 6.2% higher.

Uber Technologies Inc. (NYSE: UBER) stayed in the green throughout the day after posting earnings Thursday. Shares of the ride-hailing company rose 6.2%.

We said Zillow Group Inc. stock could go anywhere Friday after the real estate database company reported $0.26 losses per share in the first quarter — and we were right. After trading in the red premarket, Zillow stock soared over 12% in afternoon trading before settling to close 9.3% higher.

Golden Nuggets

Gold eased slightly Friday as investors eyed riskier asset classes in the hopes of the economy restarting amid COVID-19. The yellow metal has had a great week, though.

Demand for gold is also being propped up by the U.S. Federal Reserve’s massive stimulus efforts.

Gold futures were down 0.9% to $1,710.10. Other metals were faring better throughout the day with silver and platinum futures trading 1.1% higher. Palladium was also up 0.5% to trade at $1,845.70.

Cannabis Corner

Some recreational cannabis retailers in Nevada will be able to resume in-store sales starting Saturday as part of the state’s plan to reopen the economy amid the coronavirus pandemic.

Any retailers wanting to open up will have to submit a plan to the state’s Marijuana Enforcement Division, according to Marijuana Business Daily. Curbside pickup and delivery operations were already allowed during the state’s lockdown.

Tesla Surges After CEO Musk Said Price Was ‘Too High’

Electric carmaker Tesla Inc. (NASDAQ: TSLA) is enjoying a surge in its stock price a week after CEO Elon Musk said the price was too high in a wild string of Twitter rants May 1.

Shares rose 5% higher Friday afternoon, and the stock has gained around 16% since last Friday’s close.

Today’s Big Winners

Noble Energy Inc. (NASDAQ: NBL) +13.5%

United Airlines Holdings Inc. (NASDAQ: UAL) +11.7%

L Brands Inc. (NYSE: LB) +9.3%

Today’s Big Losers

Fleetcor Technologies Inc. (NYSE: FLT) -3.5%

Fiserv Inc. (NASDAQ: FISV) -2.4%

Booking Holdings Inc. (NASDAQ: BKNG) -0.9%

Check back for the most important news and numbers each day after the Closing Bell, only on Money & Markets.