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%.
|I:DJI||DOW JONES AVERAGES||35921.23||-158.71||-0.44%|
|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%.
|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.
|PTON||PELOTON INTERACTIVE, INC.||50.52||+1.57||+3.21%|
Airbnb Inc. reported record quarterly revenue as countries lifted restrictions for vaccinated travelers.
Uber Inc. booked its first quarterly profit on an adjusted basis as the company’s ride-hailing and delivery service businesses both showed strength.
|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.
DraftKings Inc., Expedia Group Inc. and Goodyear Tire & Rubber Co. were among the other companies that reported on Friday.
|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.
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