NEW YORK, Dec 6 — Wall Street stocks rose back into record territory early today following a blowout November jobs report that reassured on the US economy.
US firms added a massive 266,000 net new positions last month, shattering economists’ expectations, while the jobless rate fell a tenth of a point to 3.5 per cent, matching a 50-year low.
Hiring rose at hospitals, hotels and schools, according to the report, which also showed a boost from the return to work by General Motors after a lengthy strike.
RDQ Economics called the report “strong” and said it strengthened the odds that Federal Reserve central bankers next week “can comfortably signal again that policy is on hold.”
About 15 minutes into trading, the Dow Jones Industrial Average was up one per cent at 27,950.78.
The broad-based S&P 500 climbed 0.9 per cent to 3,144.72, while the tech-rich Nasdaq Composite Index also gained 0.9 per cent to 8,651.37.
Both the S&P 500 and Nasdaq were above their all-time closing highs.
US stocks have been choppy this week on shifting sentiment on the prospect of a US-China trade deal.
Petroleum-linked companies ConocoPhillips and Halliburton both rose more than one per cent as Opec announced it would cut production by 500,000 barrels a day more than under prior policy in a bid to boost crude prices. — AFP
