Wall Street’s main indexes climbed on Friday, as concerns over global growth were allayed by largely upbeat U.S. jobs report and data out of China that showed factory activity expanded at its fastest pace in more than two years.
A trader works on the floor at the New York Stock Exchange (NYSE) in New York, US, Oct 31, 2019. (Photo: REUTERS/Brendan McDermid) 01 Nov 2019 07:25PM(Updated: 02 Nov 2019 02:36AM) Share this content
NEW YORK: U.S. stocks climbed on Friday as the S&P hit an intraday record for the fourth time this week after an upbeat U.S. jobs report and data on Chinese manufacturing lessened concerns about slowing global growth.
Job growth slowed less than forecast in October, as a drag from a strike at General Motors was made up for in other areas of the labor market, while job gains in the prior two months were stronger than previously thought.
“It’s really good. The market should like it because obviously with the GM strike, manufacturing being affected by that, it is a very nice report and one people should be pretty excited about overall,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.
The strong jobs number helped overshadow a report that showed the manufacturing sector contracted for a third straight month.
Along with the S&P’s new high, the Nasdaq topped its July intraday record after both indexes closed out October with their best monthly performance since June as quarterly earnings have come in stronger than anticipated and U.S.-China trade rhetoric has appeared productive.
Prior to the jobs report, sentiment was supported by data showing China manufacturing activity unexpectedly expanded in October, easing concerns about a slowdown in demand from the world’s second-largest