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Stocks climbed Friday to kick off November as Amazon led big technology stocks into the green and traders looked past a disappointing jobs report.
The Dow Jones Industrials climbed 457.45 points, or 1.1%, at 42,220.91.
The S&P 500 index hiked 48.37 points to 5,753.82
The NASDAQ vaulted 212.53 points, or 1.2%, to 18,307.68
The strong start to November comes after a difficult October for the market. The 30-stock Dow pulled back 1.3% in October. The broad market index fell 1% in that time, while the NASDAQ dropped 0.5%.
Amazon rallied more than 7% as strength in the cloud and advertising businesses propelled the ecommerce giant above Wall Street’s earnings expectations. Intel popped nearly 8% after exceeding analysts’ forecasts for revenue and offering strong guidance. The two stocks improved sentiment following some notable earnings disappointments this week.
Meanwhile, the jobs report released on Friday showed the U.S. economy added just 12,000 jobs in October, far below the Dow Jones estimate of 100,000. This marked the weakest level of jobs creation since December 2020. The unemployment rate, held at 4.1%, in line with estimates. However, traders were not reacting too much to the jobs figures, believing the dismal data was impacted by hurricanes and a Boeing strike.
In addition to the U.S. Presidential election on Nov. 5., which has led to elevated volatility, investors are also looking toward the Fed’s two-day policy meeting on Nov. 6 and Nov. 7.
Prices for the 10-year Treasury sagged, raising yields 4.34% from Thursday’s 4.28%. Treasury prices and yields move in opposite directions.
Oil prices acquired 79 cents to $70.05 U.S. a barrel.
Prices for gold brightened $4.50 an ounce to $2.753.80 U.S.