Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 and Nasdaq closed at record highs Friday after the U.S. jobs report for October came in stronger than expected.
- Arista Networks (ANET) - Get Report tumbled after the cloud-computing network services provider offered disappointing guidance for the coming quarter. Arista Networks is Real Money's Stock of the Day.
- Exxon Mobil (XOM) - Get Report rose after posting stronger-than-expected third-quarter earnings, while rival Chevron (CVX) - Get Report was up slightly after reporting a weaker-than-expected third quarter.
Wall Street Overview
Stocks finished higher Friday with the S&P 500 and Nasdaq hitting intraday and closing highs following a stronger-than-expected U.S. jobs report.
The S&P 500 advanced 0.97% to finished at a record close of 3,066.91, and the Nasdaq climbed 1.13% to 8,386.40.
Earlier in the session, the S&P 500 hit an intraday high of 3,066.95 on Friday, while the Nasdaq's intraday high was 8,386.75.
The Dow Jones Industrial Average finished up 301 points, or 1.11%, to 27,347, just shy of a record close.
ExxonMobile rose 3% to $69.60 after the energy company posted stronger-than-expected third quarter earnings, but saw overall profits fall by nearly 50% as global oil prices tumbled amid the U.S.-China trade dispute. Rival Chevron (CVX) - Get Report was up slightly to $116.16 after posting weaker-than-expected third quarter earnings.
The U.S. economy added more new jobs than expected last month, even as a strike at General Motors (GM) - Get Report affecting thousands of workers skewed the Labor Department's official monthly jobs tally.
Nonfarm payrolls rose by 128,000 in October, exceeding estimate of 75,000 from economists. September's payrolls were revised higher to 180,000 from an initially reported 136,000, while August's payrolls were also revised upward, to 219,000 from an initial 180,000.
"Between the better than expected job gain number and the large revisions, this looks like a pretty strong report across the board," said Jim Cramer and the Action Alert PLUS team. The market is taking the good news as good news as futures shot up in reaction to the report."
In trade war news, China said that it had reached a consensus with the U.S. on core trade concerns after the Chinese Ministry of Commerce said Vice Premier Liu He had a phone call with U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.
The White House issued a statement saying the two sides had made progress in several areas and "are in the process of resolving outstanding issues."
The purchasing manufacturing index from the Institute for Supply Management was 48.3 last month, up from 47.8 in September, but below economists' expectations of 49%.
Arista Networks (ANET) - Get Report tumbled 24.2% to $185.32 after the cloud-computing network services provider offered disappointing guidance for the coming quarter. Arista Networks is Real Money's Stock of the Day.
fell slightly to $176.42 after the Chinese
posted modestly stronger-than-expected second quarter revenues.
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