INSUBCONTINENT EXCLUSIVE:
US stocks advanced on Friday as a strong jobs report and upbeat comments from President Donald Trump on trade talks with China breathed new
life into markets after a roller-coaster week.
A Labor Department report showed domestic job growth increased by the most in 10 months in
November, aided by striking workers returning to General Motors' payrolls and more hiring in the healthcare industry.
The report indicated
the economy remained on a moderate expansion path despite a prolonged manufacturing slump.
"Overall, this was a very solid report and should
put those fears of recession firmly in the rear view," said Michael Arone, chief investment strategist at State Street Global Advisors,
Boston.
Global financial markets began on a strong note as Trump said trade discussions with China were "moving right along." China said it
will waive import tariffs for some soybeans and pork shipments from the United States, lifting the mood.
"Not only the jobs data, but most
economic data will continue to take a back seat to the U.S.-China trade negotiations and as the Dec
15 date continues to loom over markets," Arone said.
If no deal is reached soon, more tariffs on Chinese goods would kick in from Dec
15.
Energy stocks jumped 2% after crude prices rose as a meeting of the OPEC and its allies agreed to extend output cuts by 500,000 barrels
per day in early 2020.
Trade-sensitive semiconductor stocks gained with the Philadelphia Semiconductor index rising 1.6%
The broader technology sector added 0.9%.
Wall Street has had a tumultuous run this week with every new headline on the U.S.-China trade war
But the S-P 500 index is now set to end the week marginally higher.
The Dow Jones Industrial Average was up 284.78 points, or 1.03%, at
27,962.57, the S-P 500 was up 27.56 points, or 0.88%, at 3,144.99 and the Nasdaq Composite was up 80.37 points, or 0.94%, at 8,651.07.
Ulta
Beauty Inc jumped 12.6%, the most among S-P 500 companies, after the cosmetics retailer beat quarterly profit expectations.
Tesla Inc rose
1.7% after the electric vehicle maker said its Chinese-built Model 3 cars would receive state subsidies.
Advancing issues outnumbered
decliners by a 3.31-to-1 ratio on the NYSE and by a 3.61-to-1 ratio on the Nasdaq.
The S-P index recorded 47 new 52-week highs and no new
low, while the Nasdaq recorded 78 new highs and 18 new lows.
