Wall Street roars as November jobs growth blows past forecasts

Wall Street climbs on solid jobs data, trade hopes

Wall Street climbs on solid jobs data, trade hopes

U.S. stocks opened higher on December 6, after data showed domestic job growth increased by the most in 10 months in November, adding to an upbeat mood after President Donald Trump said the trade talks with China were "moving right along".

Friday's report comes as investors grappled with mixed signals on the U.S.

How are major benchmarks performing? The Dow Jones industrials added 1.2%, and its 337-point gain let the index finish above 28,000 for the first time since November 29. The S&P 500 increased 28.48 points, or 0.91 per cent, to 3,145.91. The Nasdaq Composite Index was up 4.03 points, or 0.05 per cent, to 8,570.70, Xinhua news agency reported.

Jobs and developments surrounding tariff negotiations are expected to be key drivers for investors to end a turbulent trading week. The unemployment rate edged down to 3.5 per cent.

Quincy Krosby, chief market strategist at Prudential Financial, said investors were heartened at higher manufacturing employment following the end of the General Motors strike and that the report in general was strong enough "to assuage fears that the economy was slowing".

"The job market is losing its shine. The earnings component will be closely watched, as workers who earn more tend to spend more", wrote David Madden, market analyst at CMC Markets in a daily research report. "China trade negotiations and as the December 15 date continues to loom over markets", Arone said.

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"This type of report shows underlying economic strength, and it gives corporate management confidence in the strength of the economy", said Tim Ghriskey, chief investment strategist at Inverness Counsel in NY.

"The positive sentiment is being capped by the fact that Mr Trump earlier this week claimed the trade deal might not be signed off until after the presidential election next year".

Other data slated for release Friday includes consumer sentiment for December, wholesale trade figures for October and the latest reading of consumer credit will all follow slightly later in the session. The yield on the 10-year Treasury dipped to 3.20 percent from 3.22 late Friday in the first of trading after bond markets were closed for a holiday on Monday.

Crude oil futures gained 1.01% to $59.02 per barrel and Brent crude slipped 0.25% at $64.23.

The Dow gained 337 points. The Hang Seng rose 1.07% while Japan's Nikkei-225 climbed 0.23% and China's Shanghai Composite advanced 0.43%.

The S&P index recorded 52 new 52-week highs and no new low, while the Nasdaq recorded 100 new highs and 31 new lows.

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