Strong U.S. Jobs Report Pushes Stocks Back to Record Turf
Wall Street stocks rose back into record territory early Friday following a blowout November jobs report that reassured on the U.S. economy.
U.S. firms added a massive 266,000 net new positions last month, shattering economists' expectations, while the jobless rate fell a tenth of a point to 3.5 percent, matching a 50-year low.
Hiring rose at hospitals, hotels and schools, according to the report, which also showed a boost from the return to work by General Motors after a lengthy strike.
RDQ Economics called the report "strong" and said it strengthened the odds that Federal Reserve central bankers next week "can comfortably signal again that policy is on hold."
About 15 minutes into trading, the Dow Jones Industrial Average was up one percent at 27,950.78.
The broad-based S&P 500 climbed 0.9 percent to 3,144.72, while the tech-rich Nasdaq Composite Index also gained 0.9 percent to 8,651.37.
Both the S&P 500 and Nasdaq were above their all-time closing highs.
U.S. stocks have been choppy this week on shifting sentiment on the prospect of a U.S.-China trade deal.
Petroleum-linked companies ConocoPhillips and Halliburton both rose more than one percent as OPEC announced it would cut production by 500,000 barrels a day more than under prior policy in a bid to boost crude prices.