Stocks rounded out the week on a high note after the November jobs report blew past expectations giving the markets a third straight day of gains after they snapped a three-day losing streak on Wednesday.
|I:DJI||DOW JONES AVERAGES||33963.84||-106.58||-0.31%|
|I:COMP||NASDAQ COMPOSITE INDEX||13211.806896||-12.18||-0.09%|
The Dow Jones Industrials tacked on over 337 points or 1.2 percent, while the Nasdaq rose 1 percent and the S&P 500 just under that level.
The report showed the U.S. economy added 266,000 nonfarm jobs as the unemployment rate slipped to 3.5 percent. Economists surveyed by Refinitiv were expecting the addition of 180,000 and the unemployment rate to hold at 3.6 percent.
“This is a blowout number and the U.S. economy continues to be all about the jobs,” said Tony Bedikian, head of global markets for Citizens Bank.
Speaking to FOX Business, White House Economic Advisor Larry Kudlow praised the report.
Also contributing to the euphoria for equities was a statement from the Chinese Ministry of Finance which said Beijing will waive tariffs on some soybean and pork purchases.
President Trump celebrated the stock market's strength in a tweet.
The recovery in stocks this week comes after a rocky start to the month and may help confirm that December is historically a solid month for equities.
Uber shares were lower after the ride-hailing company disclosed it received nearly 6,000 complaints from drivers and passengers during 2017 and 2018 of alleged sexual assaults.
Elsewhere, Peloton bounced back after shedding 15 percent over the previous three sessions. Shares came under pressure after the release of a controversial holiday ad, but the selling was likely the result of profit-taking, as the stock had gained 62 percent since Nov. 5.
Tesla rallied after Beijing announced Model 3 sedans made in China will be eligible for state subsidies.
|UBER||UBER TECHNOLOGIES INC.||44.41||-0.19||-0.43%|
|PTON||PELOTON INTERACTIVE INC.||4.46||-0.01||-0.22%|
On the earnings front, Ulta Beauty gained after reporting a third-quarter profit that was ahead of Wall Street's expectations.
American Outdoor Brands was higher after its second-quarter results and full-year outlook came in ahead of estimates, while Big Lots soared after posting an unexpected profit. The percentage gain in the stock was the best in 32 years.
|ULTA||ULTA BEAUTY INC.||398.73||-5.52||-1.37%|
|BIG||BIG LOTS INC.||4.93||-0.11||-2.18%|
Oil prices were lower after OPEC and its allies agreed to cut production by 500,000 barrels per day through March. Brent crude oil, the international benchmark, was unchanged at $63.40 a barrel while West Texas Intermediate, the U.S. benchmark, was off 0.2 percent at $58.30.
U.S. Treasurys were under pressure with selling causing the yield on the 10-year note to climb by 5.7 basis points to 1.852 percent.
In Europe, Britain's FTSE gained 0.5 percent, France's CAC was up 1.1 percent and Germany's DAX was higher by 0.8 percent.
In Asian trading, Hong Kong’s Hang Seng added 1.1 percent, Japan's Nikkei rose 0.2 percent and China's Shanghai Composite climbed 0.4 percent.
FOX Business' Megan Henney and The Associated Press contributed to this report.