(MENAFN- ProactiveInvestors) U.S. stocks rallied Friday with both the Dow and the S&P 500 rising to new closing records after today's jobs report showed the U.S. economy added 321000 jobs in November the biggest monthly gain since January 2012.
At the closing bell in New York the Dow Jones Industrial Average settled up 59 points at 17959 while the Nasdaq added 12 points to finish at 4781 and the S&P 500 gained 3 points to end at 2075.
On the economic calendar this morning investors got a better assessment of the labor market with the Labor Department reporting that the U.S. added 321000 jobs in November while wage growth also accelerated. Economists were expecting 230000 nonfarm jobs were created last month.
Hiring was also revised up for both October and September. The government said 243000 new jobs were created in October up from a preliminary 214000 estimate while September's gain was revised up to 271000 from 256000. The unemployment rate meanwhile remained unchanged at 5.8%.
Besides the payrolls report the government also released the October trade deficit which fell 0.4% to $43.4 billion. It was expected to fall to $41 billion from September's $43 billion.
Later in the morning it was revealed factory orders fell 0.7% in October a much steeper decline than expected. In the afternoon it was reported consumer credit rose $13.2 billion in October compared to consensus expectations of $16.8 billion.
In corporate activity closeout retailer () lost more than expected in its latest quarter and revenue for the quarter was on the light side as well with shares dropping over 16% Friday.
Gap () said that comparable store sales rose by a better-than-expected 6% in November driven by an 18% surge at its Old Navy chain. Shares added 0.4%.
American Eagle () matched estimates with earnings late Thursday while revenue topped views. It also forecast current quarter earnings below Street estimates.
In other stock news () is reportedly moving to dismiss the lawsuit involving claims of monopolistic behaviour with its iPod software.
The hacking job at Pictures () has disclosed more personal information than previously believed according to a report in the Wall Street Journal including the Social Security numbers of more than 47000 current and former employees actors and other freelancers.
Keurig Green Mountain () is buying the 85% stake of Bevyz Global that it didn't already own for about $220 million. Bevyz makes a single portion multi drink system that includes both hot and cold drinks.
Canada's government has approved Burger King's () $11 billion purchase of (NYSE:THI) clearing the path to create the world's third largest fast food chain.
European markets settled broadly higher today with shares in Germany leading the region on upbeat US jobs data and strong German factory orders. The rally comes after European stocks fell yesterday following Mario Draghi's assertions that further monetary easing measures would not be instituted until next year. Asian markets also finished higher led by China's Shanghai Composite Index.
Crude oil prices fell to their lowest level in more than five years on Friday as despite the strong jobs report the contract was weighed down by a rallying dollar and Saudi Arabia cutting January prices for U.S. and Asian buyers. January crude settled down by 97 cents or 1.5% at $65.84 a barrel on the New York Mercantile Exchange the lowest settlement for a front-month contract since July 2009. The contract posted a 0.5% weekly loss.
Gold for February delivery fell $17.30 or 1.4% to settle at $1190.40 an ounce as the blowout jobs report dulled the metal's safe haven appeal. The contract still managed to close the week with a 1.3% weekly gain.
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