Dow Jones Industrial Average surges 337 points
The Dow surged 337.27 points, or 1.22% to 28,015.06. The S&P 500 jumped 0.91% to end the day at 3,145.91. The Nasdaq Composite advanced 1.00% to 8,656.53. A blockbuster jobs report sparked the massive rally to conclude a choppy week of trading on Wall Street.
Job gains skyrocket in November
The Labor Department said the economy added 266,000 jobs last month. That print easily topped a Dow Jones estimate of 187,000. Friday’s blockbuster report helped the major indexes claw back most of their losses from earlier in the week. It also quelled fears about the U.S. economy slowing down, especially after weak employment data from earlier in the week and disappointing manufacturing numbers from Monday. To be sure, investors are still waiting on a potential U.S.-China trade deal.
Alphabet and Apple hit records
Shares of Google-parent Alphabet and Apple rose 0.94% and 1.93%, respectively. Those gains lifted them to all-time highs. Goldman Sachs also contributed to Friday’s gains, rising 3.44%.
What happens next?
Wall Street will be on the lookout for any updates on the U.S.-China trade front on Monday. Meanwhile, Toll Brothers is expected to report quarterly earnings. Read more here.
Leave a Reply