US stocks surged Friday night after the US government reported that 2.5 million jobs were added in May and that the nation's unemployment rate fell to 13.3% - economists had been expecting significant job losses and a spike in the unemployment rate to 19.3%.

As a result, the Dow Jones Index soared nearly 830 points, or 3.2%. The S&P 500 rose 2.6%, and the Nasdaq was up more than 2% to finish the day just below its record closing level from February 19.

The S&P 500 has soared more than 43% since March 23, the start of a rebound from the rout that sent stocks spiraling around the globe amid the coronavirus pandemic. In the months since, a flood of fiscal and monetary support combined with economic reopening optimism has fueled gains in even the mostly badly battered corners of the market.

ASX futures are currently looking to a strong opening on Tuesday morning (the ASX is closed Monday for a Public Holiday).

Rick Maggi