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U.S. stocks rallied Friday with both the Dow and the S&P 500 rising to new closing records after a 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 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.
U.S. jobs
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.
Commodities
Crude oil prices fell to their lowest level in more than five years on Friday with January crude down 97 cents to US$65.84 a barrel on the New York Mercantile Exchange.
Gold for February delivery fell 1.4% to settle at US$1190.40 an ounce as the blowout jobs report dulled the metal's safe haven appeal.
Wall Street round-up
In corporate activity closeout retailer Big Lots (NYSE:BIG) 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 (NYSE:GPS) 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 (NYSE:AEO) matched estimates with earnings late Thursday while revenue topped views. It also forecast current quarter earnings below Street estimates.
In other stock news Apple (NASDAQ:AAPL) is reportedly moving to dismiss the lawsuit involving claims of monopolistic behaviour with its iPod software.
The hacking job at Sony Pictures (NYSE:SNE) 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 (NASDAQ:GMCR) 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 (NYSE:BKW) $11 billion purchase of Tim Hortons (NYSE:THI) clearing the path to create the world's third largest fast food chain.
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