NEW YORK (
TheStreet) -- Midwest regional Bank stocks on Friday had a very strong showing, as investors cheered stronger-than-expected November employment numbers.
The Dow Jones Industrial Average
The Labor Department also said the U.S. economy had added 203,000 nonfarm jobs during November, coming in ahead of the consensus estimate of 182,000.
The November unemployment rate is the lowest in five years. Here's the unemployment picture over the last decade:
The Labor Department also revised revised previous nonfarm job-growth numbers upward, to 174,000 from 153,000 for September and to 204,000 from 200,000 for October.
The KBW Bank Index (I:BKX) rose 1.4% to 67.41, with all 24 index component showing gains. U.S. Bancorp (USB) of Minneapolis was the leader among large-cap banks, with shares rising 2.7% to close at $39.65. Other major Midwest players showing strong gains included Fifth Third Bancorp (FITB) of Cincinnati, which was up 2.6% to $20.34, and Huntington Bancshares (HBAN) of Columbus, Ohio, which rose 2.6% to $9.24.
All eyes this week were on the Friday unemployment figure, however, there's been plenty of other good news this week. The Bureau of Economic Statistics on Thursday made a major upward revision of its estimate for third-quarter U.S. gross domestic product growth to an annual rate of 3.6% from the previous estimate of 2.8%.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV