U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery.
The Dow Jones Industrial Average more than made up for Thursday's loss, towering 327.12 points to 36,451.35,
The S&P 500 gained 35.15 points to add to Thursday's all-time high at 4,715.21.
The NASDAQ Composite jumped 103.82 points to 16,044.13.
All three major averages are on track to end the week higher. The Dow is up 1.3% on the week, while the S&P 500 is 2.2% higher and the NASDAQ Composite is up 3.3%.
Pfizer shares jumped more than 7% after the company said its COVID-19 drug, used with an HIV drug, cut the risk of hospitalization by 89%. Pfizer board member Dr. Scott Gottlieb said Friday that the pandemic could be over in the U.S. by the time President Biden's workplace vaccine mandates take effect in early January.
The news boosted classic reopening plays. United Airlines and American Airlines jumped more than 6% each, while Carnival popped 9% and Norwegian Cruise Line rallied more than 8%.
Recovery stock Expedia saw its shares roar higher by 13% a day after the company said renewed travel demand boosted its top and bottom lines higher than analysts had expected.
Peloton shares cratered more than 33% after the fitness platform and maker of interactive treadmills and exercise bikes reported a much larger loss than expected and cut its full-year outlook as fitness buffs headed back to the gym and away from at-home workouts.
The company also cited ongoing supply chain challenges for its "challenged visibility" over the near term that CEO John Foley said is causing the company to lower its expectations.
The move for stocks came as job gains for the month of October totaled 531,000. Consensus estimates called for 450,000 jobs added, according to Dow Jones. The report also revised September's disappointing number up to 312,000 job gains from 194,000 previously, and increased its August number by a similar amount.
Prices for 10-year Treasurys jumped sharply, lowering yields to 1.49% from Thursday's 1.52%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 52 cents to $79.33 U.S. a barrel.
Gold prices prospered $5.30 to $1,798.80 U.S. an ounce.