All three major indices rose on Friday as investors cheered stronger-than-expected U.S. jobs data. The Dow gained 1%, the S&P 500 climbed 1% and Nasdaq increased 1.1%.
Exxon Mobil was among the best-performing stocks in the Dow on the back of stronger-than-forecast quarterly results. The stock gained 3%. The industrials and financials sectors rose more than 1.4% each. Apple shares rose more than 2% to a record high, lifting the Nasdaq.
Jobs growth data for September and August was also revised substantially higher. September's number was revised up to 180,000 from 136,000. August jobs growth was revised to 219,000 from 168,000.Friday's jobs report came after the Federal Reserve cut rates earlier this week by 25 basis points. The Fed signaled a higher bar for further rate cuts, but noted significantly higher inflation is needed before raising rates again.
Trade dented stocks on Thursday — the last day of October — after Bloomberg News reported Chinese officials have been casting doubt over the possibility of a long-term trade deal with the U.S. The Dow fell more than 100 points Thursday while the S&P 500 dipped from a record. "If markets tumble due to trade failure, this would hurt Trump's 2020 standing. Hence, this remains an important risk," Lee said.with the U.S. during trade talks this week. The U.S. Trade Representative's office also said Robert Lighthizer and Treasury Secretary Steven Mnuchin made "progress in a variety of areas and are in the process of resolving outstanding issues."
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