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.