This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

U.S. Stocks Soar on Robust Jobs Report

NEW YORK (The Street) -- Markets jumped on Friday as October's upbeat jobs report bolstered the view that the U.S. economy can expand with benefits to its workforce even if the Federal Reserve opts to reduce the size of its stimulus program.

The U.S. added 204,000 jobs in October with the unemployment rate rising to 7.3% from 7.2% in the previous month, the Labor Department said Friday. Economists were expecting 120,000 jobs, with the 7.3% jobless rate meeting predictions.

In a week in which stocks were poised to decline, the jobs report sent the S&P 500  higher by 1.3% to 1,770.54, while the Dow Jones Industrial Average jumped 1.1% to 15,761.27. The Nasdaq jumped 1.6% to 3,919.23.  For the week, the S&P and Dow rose 0.51% and 0.94%, respectively. The Nasdaq lost 0.07% for the five-day trading period.

"It's a big upside surprise, and of course raises the question, what does the Federal Reserve going to do with stronger economic data in terms of their monetary policy," Ben Garber, an economist at Moody's Analytics said in an interview.

In economic news, U.S. personal income beat forecasts to rise 0.5% in September while personal spending inched up 0.2%, suggesting softer consumption growth but a lift in income growth.  

On the downside, consumer sentiment hit a near two-year low in November, according to the Thomson Reuters/University of Michigan's survey on Friday.

The index of consumer sentiment fell to 72.0 -- the lowest since December 2011.

In company news, Gap (GPS) was the top performer in the S&P as share surged 9.8% to $41.43 after saying the apparel-retailer said it expected quarterly profit to beat analysts' estimates. 

Twitter (TWTR) shares tumbled 7.2% to $41.65. The company's shares opened at $45.10 on Thursday, exceeding the $26 a share IPO price before closing at $44.90. The offering raised more than $2 billion and valued the business at $18.34 billion. 

Priceline (PCLN) shares jumped 4.9% to $1,073.20 after it announced higher third-quarter profit of $833 million or $15.72 a share, up from $597 million in the prior period late on Thursday. 

Groupon (GRPN) rose 6.5% to $10.12 despite announcing Thursday that quarterly revenue came in below consensus estimates at $595.1 million. Investors focused on strong growth in North America rather than a decline in international revenue. 

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $129.62 -2.20%
FB $79.34 -1.50%
GOOG $532.32 -1.44%
TSLA $247.46 -0.11%
YHOO $42.85 -1.46%

Markets

DOW 18,041.54 -190.48 -1.04%
S&P 500 2,104.20 -21.86 -1.03%
NASDAQ 5,032.7510 -56.6110 -1.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs