U.S. stocks finished higher on Friday after the October jobs report showed the labor market remains strong, allaying concerns that slower global growth and a weak manufacturing sector would start to hit households. The S&P 500 SPX, +0.97% rose 1% to finish around 3,067, above its precious closing record of 3,046.77 set on Oct. 30. The Dow Jones Industrial Average DJIA, +1.11% added 301 points, or 1.1%, to end at around 27,347, based on preliminary numbers. The Nasdaq Composite COMP, +1.13% climbed 1.1% to end near 8,386, above its previous closing record of 8,339.64, set July 26. The U.S. economy added 128,000 new jobs in October, comparing with analysts’ estimates for 75,000 job gains last month. The Labor Department upwardly revised its estimates of employment gains in September and August. On the other hand, the ISM’s manufacturing gauge came in at 48.3% in October. Any reading below 50% reflects a contraction in economic activity. In company news, shares of Fitbit Inc. FIT, +15.53% surged after Alphabet Inc GOOG, +1.08% announced it would acquire the wearable fitness products company.
See Full Story S&P500 and Nasdaq hit new records after October jobs numbers beat expectations
Stocks rallied Friday, with the benchmark S&P 500 and Nasdaq Composite indexes notching new closing records, after the Labor Department estimated the U.S. economy added 128,000 new jobs in October and upwardly revised its estimate of job growth in September and August.