February 9, 2025

Tricia Oak

Business & Finance Excellency

Stocks hit records as hiring surges in October

Stocks hit records as hiring surges 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 35921.23 -158.71 -0.44%
SP500 S&P 500 4649.27 +2.56 +0.06%
I:COMP NASDAQ COMPOSITE INDEX 15704.281414 +81.58 +0.52%

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. 50.18 +1.16 +2.37%
MRK MERCK & CO., INC. 84.02 +0.01 +0.01%

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. 50.52 +1.57 +3.21%

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

Ticker Security Last Change Change %
ABNB AIRBNB, INC. 191.61 -0.61 -0.32%

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. 43.28 -0.10 -0.23%

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 SQUARE, INC. 226.51 -0.70 -0.31%

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. 40.71 -0.37 -0.90%
EXPE EXPEDIA GROUP, INC. 182.58 -3.09 -1.66%
GT GOODYEAR TIRE & RUBBER CO. 23.46 +0.39 +1.69%

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.