Stocks come roaring back (SPY, SPX, DJI, IXIC, QQQ)

Stocksplunged right after theMay jobs reportshowed that employers hired the fewest people in six years.

But with about 90 minutes left in the trading session, the major indexeshad regained much of their losses. The Dow was down 30 points – 0.17% – near 2:34 p.m. EST after losing as many as 139 points earlier.

The S&P 500 was down five points – 0.28% – and the Nasdaq was down 28 points.

The US Labor Department’s report showed that nonfarm payrolls grew by 38,000 jobsin May, while the unemployment rate fellto 4.7% as participation fell.

Traders and economists reduced bets that the Federal Reserve will raise interest rates as soon as its meeting in June or even July.

Stocks closed at the highest level since November on Thursday, with the Dow closing up 48 points and the S&P 500 finishing at 2,105.3.