Stocks hit records as hiring surges in October

US economy added 531K jobs in October

U.S. stocks finished in record territory Friday after the October jobs report showed a surge in hiring.

The Dow Jones Industrial Average climbed 204 points, or 0.57%, while the S&P 500 index and the Nasdaq Composite index advanced 0.37% and 0.2%, respectively. The gains, which propelled all three of the major averages to all-time highs, came after the October nonfarm payroll report showed the U.S. economy added 531,000 jobs last month, ahead of the 450,000 estimate. The unemployment rate slipped to 4.6%. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 32652.98 +258.73 +0.80%
SP500 S&P 500 4019.06 +47.79 +1.20%
I:COMP NASDAQ COMPOSITE INDEX 11902.338806 +186.26 +1.59%

Following the report, the yield on the 10-year note fell 7 basis points to 1.45% to close at its lowest level since Sept. 23. 

In stocks, Pfizer Inc. said its antiviral pill for COVID-19 reduces the chances of hospitalization and death by 89%. The company plans to seek emergency-use authorization for the drug. Rival Merck & Co. said last month its antiviral pill reduced the risk of hospitalization and death by 50%. 

Ticker Security Last Change Change %
PFE PFIZER INC. 39.99 -0.23 -0.57%
MRK MERCK & CO. INC. 104.65 -0.88 -0.83%

Peloton Interactive Inc. shares were sharply lower after the company reported a wider-than-expected loss and slashed its full-year outlook due to slowing demand for its products as consumers return to gyms and purchase other at-home workout options. 

Ticker Security Last Change Change %

Airbnb Inc. reported record quarterly revenue as countries lifted restrictions for vaccinated travelers.  

Ticker Security Last Change Change %
ABNB AIRBNB INC. 118.64 +2.03 +1.74%

Uber Inc. booked its first quarterly profit on an adjusted basis as the company’s ride-hailing and delivery service businesses both showed strength. 

Ticker Security Last Change Change %
UBER UBER TECHNOLOGIES INC. 30.77 +0.70 +2.34%

Square Inc.’s quarterly sales fell short of Wall Street estimates as revenue tied to Bitcoin missed the mark. 

Ticker Security Last Change Change %
SQ BLOCK INC. 67.06 +3.30 +5.18%

DraftKings Inc., Expedia Group Inc. and Goodyear Tire & Rubber Co. were among the other companies that reported on Friday.

Ticker Security Last Change Change %
DKNG DRAFTKINGS INC. 18.84 +1.23 +6.96%
EXPE EXPEDIA GROUP INC. 93.04 +2.31 +2.55%
GT GOODYEAR TIRE & RUBBER CO. 10.45 +0.17 +1.65%

In commodities, West Texas Intermediate crude oil jumped $2.46 to $81.27 a barrel and gold ticked up $23.40 to $1,816.40 an ounce. 

Overseas markets were mixed. 


European bourses rallied across the board with Germany’s DAX advancing 0.15%, France’s CAC 40 adding 0.76% and Britain’s FTSE 100 climbing 0.33%. 

In Asia, Japan’s Nikkei 225 lost 0.61% while China’s Shanghai Composite and Hong Kong’s Hang Seng index declined 1% and 1.41%, respectively.