Stocks finished out the week with solid gains; the Dow, NASDAQ, and S&P all up around one percent on the day.
Technology and industrial companies rose the most Friday. Apple rose 2.8% and Union Pacific climbed 4.3%. The S&P 500 closed at a record for the third time this week and had its fourth straight weekly gain. The Nasdaq reached an all-time high for the first time since July. Safe-play sectors like utilities lagged as investors stepped up their appetite for risk. The S&P 500 rose 29 points, or 1%, to 3,066. The Dow Jones Industrial Average climbed 301 points, or 1.1%, to 27,347. The Nasdaq rose 94 points, or 1.1%, to 8,386. Bond prices fell. The yield on the 10-year Treasury rose to 1.71%.
Today’s gains came after a Labor Department report showed stronger than expected job growth in October even despite the General Motors strike. Non-farm payroll employment climbed 128,000 jobs versus analyst expectations of 89,000 jobs.
The report also showed upward revisions to the September and August figures, which combined were 95,000 more than previously reported.
Meanwhile, traders shrugged off another report from the Institute for Supply Management that showed continued contraction in U.S. manufacturing activity in October.
Oil prices pushed higher as upbeat manufacturing data from China eased investor anxiety about an increase in supply from the US, as well as expectations that a slowdown in economic growth would lead a drop in demand. Oil was up $2.02 to settle at $56.20.