Stocks surge after jobs report crushes expectations

Approved ~~ MJM

Stocks opened higher Friday after the November jobs report blew past expectations.

The report showed the U.S. economy added 266,000 nonfarm jobs as the unemployment rate slipped to 3.5 percent. Economists surveyed by Refinitiv were expecting the addition of 180,000 and the unemployment rate to hold at 3.6 percent.

“This is a blowout number and the U.S. economy continues to be all about the jobs,” said Tony Bedikian, head of global markets for Citizens Bank.

Contributing to the economic strength was a statement from the Chinese Ministry of Finance which said Beijing will waive tariffs on some soybean and pork purchases.

All three of the major averages opened higher with the Dow Jones Industrial Average up 211 points or 0.8 percent. The S&P 500 and Nasdaq Composite gained 0.7 percent and 0.8 percent, respectively. Friday’s gains have U.S. stocks on track for a third straight day of gains after they snapped a three-day losing streak on Wednesday.

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES28015.63+337.84+1.22%
SP500S&P 5003148.17+30.74+0.99%
I:COMPNASDAQ COMPOSITE INDEX8653.233235+82.53+0.96%

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Article URL: https://www.foxbusiness.com/markets/us-stocks-dec-6-2019

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