Stocks rallied 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 Industrial Average gained 288.73 points, or 0.69%, ending at 42,052.19. The S&P 500 advanced 0.41% to close at 5,728.80, and the Nasdaq Composite rose 0.8% to 18,239.92.
Amazon rallied 6.2% as strength in the cloud and advertising businesses propelled the ecommerce giant above Wall Street's earnings expectations. Intel popped 7.8% after exceeding analysts' forecasts for revenue and offering strong guidance. The two stocks helped lift investor 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.
Source : CNBC
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