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 34265.37 -450.02 -1.30%
SP500 S&P 500 4397.94 -84.79 -1.89%
I:COMP NASDAQ COMPOSITE INDEX 13768.921815 -385.10 -2.72%

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. 52.79 -1.26 -2.33%
MRK MERCK & CO. INC. 79.98 -0.77 -0.95%

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 %
PTON PELOTON INTERACTIVE INC. 27.06 +2.84 +11.73%

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

Ticker Security Last Change Change %
ABNB AIRBNB INC. 156.73 -1.27 -0.80%

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. 35.94 -1.88 -4.97%

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. 118.10 -9.48 -7.43%

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. 19.46 -1.21 -5.85%
EXPE EXPEDIA GROUP INC. 174.42 -3.08 -1.74%
GT GOODYEAR TIRE & RUBBER CO. 21.51 -0.23 -1.06%

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. 

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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.