Stocks have moved notably higher over the course of morning trading on Friday, more than offsetting the pullback seen in the previous session. With the upward move, the Nasdaq and the S&P 500 have reached new record intraday highs.
Currently, the major averages are hovering firmly in positive territory. The Dow is up 247.30 points or 0.9 percent at 27,293.53, the Nasdaq is up 75.47 points or 0.9 percent at 8,367.83 and the S&P 500 is up 24.05 points or 0.8 percent at 3,061.61.
The rally on Wall Street comes as much stronger than expected U.S. jobs data has washed away concerns about the economic outlook.
The Labor Department said non-farm payroll employment climbed by 128,000 jobs in October compared to economist estimates for an increase of about 89,000 jobs.
The report also showed substantial upward revisions to job growth in September and August, with revised data showing employment jumped by 180,000 jobs and 219,000 jobs, respectively.
With the upward revisions, employment gains in September and August combined were 95,000 more than previously reported.
“The upshot is that the three-month average gain is now 175,000, which is easily enough to outpace population growth,” said Michael Pearce, Senior U.S. Economist at Capital Economics.
He added, “That is in stark contrast with much of the recent survey evidence, which had pointed to a sharp slowdown in employment growth.”
Despite the stronger than expected job growth, the report said the unemployment rate inched up to 3.6 percent in October from 3.5 percent in September. The uptick matched economist estimates.
The unemployment rate crept up from the nearly 50-year low hit in the previous month as a 325-person jump in the size of the labor force more than offset a 241,000-person increase in the household survey measure of employment.
Meanwhile, traders have largely shrugged