Stocks rose on Friday as investor sentiment got a lift from much stronger-than-expected U.S. jobs data.
The Dow Jones Industrial Average hiked 241.51 points to 27,287.74
The S&P 500 spiked 19.37 points to 3,056.93, to a fresh record high.
The NASDAQ Composite Index advanced 50.79 points to 8,343.15
Exxon Mobil was the best-performing stock in the Dow on the back of stronger-than-forecast quarterly results. The stock gained 2%. The industrials and financials sectors both rose around 1%.
U.S. Steel shares rose around 5% after the company posted Thursday afternoon a smaller-than-expected quarterly loss. Qorvo also reported better-than-expected results and issued strong guidance for the current quarter, sending its stock up more than 17%.
Around 70% of S&P 500 companies have reported quarterly numbers thus far. Of those companies 75% have reported better-than-expected earnings.
The U.S. economy added 128,000 jobs in October, the Labor Department said Friday. Economists polled by Dow Jones expected a gain of 75,000 jobs for the previous month. October jobs growth easily beat estimates despite a decline of 42,000 jobs in the autos sector due to a General Motors strike that has now been settled.
Jobs growth data for September and August was also revised substantially higher. September's number was revised up to 180,000 from 136,000. August jobs growth was revised to 219,000 from 168,000.
Other data released Friday included the Institute for Supply Management's reading on October U.S. manufacturing. The ISM's manufacturing PMI came in at 48.3, representing a bigger-than-expected contraction in the sector.
However, some of the survey's internal components showed improvement, stemming offsetting the disappointing headline number. U.S. manufacturing fell to its lowest level in a decade in September amid lingering worries around U.S.-China trade talks.
Prices for the benchmark 10-year U.S. Treasury sagged, raising yields to 1.73% from Thursday's 1.68%. Treasury prices and yields move in opposite directions.
Oil prices restored $1.11 to $55.29 U.S. a barrel.
Gold prices dropped $1.70 to $1,513.10 U.S. an ounce.