U.S. stocks jumped Friday and the S&P 500 and Nasdaq closed at record highs after the October jobs report came in well above consensus expectations.
The S&P 500 ended at 3,066.91, a record close, and just 0.04 points below the all-time intraday high it also reached during Friday’s session. The Nasdaq posted a record closing high of 8,386.4. And the Dow ended just 0.04% below its recent closing high from mid-July.
Here’s where markets settled at the end of regular equity trading:
S&P 500 (^GSPC): +0.97%, or 29.34 points
Dow (^DJI): +1.11%, or 300.31 points
Nasdaq (^IXIC): +1.13%, or 94.04 points
10-year Treasury yield (^TNX): +2.8 bps to 1.719%
Gold (GC=F): +0.06% to $1,515.70 per ounce
Optimism over progress in a phase one U.S.-China trade deal added to sentiment. The Office of the U.S. Trade Representative said Friday that Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin held a “constructive call” with China’s Vice Premier Liu He about the first portion of a China trade deal, adding that “they made progress in a variety of areas and are in the process of resolving outstanding issues.”
Earlier, the Bureau of Labor Statistics released its October jobs report Friday morning, showing the economy added 128,000 jobs for the month, well above the tepid 85,000 gains expected.
The unemployment rate edged up to 3.6%, as had been expected, increasingly just slightly from September’s 50-year low of 3.5% and reflecting a still-tight labor market. Hourly wages rose by 0.2% month-on-month, or just…