US stocks rose to an all-time high Friday following a stronger-than-expectedjobs reportfor October.
The Bureau of Labor Statistics said the US economy added 128,000 nonfarm payrolls last month, compared to estimates of 85,000.
The healthy employment gains reassured investors amid uncertainty around the trade war between the US and China and talk of a looming economic slowdown.
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US stocks climbed to an all-time intraday high Friday after better-than-expected employment data reassured investors amid the ongoing US-China trade war and talk of an economic slowdown.
Heres a look at the major indexes as of the 11:10 a.m. on Friday:
The S&P 500 index eclipsed a record of 3,050.10 from earlier this week an ascent fueled bystrong corporate earnings, as well as heavily weightedMicrosoftrising to an all-time high.
For the jobs report, the Bureau of Labor Statistics said the US economy added 128,000 nonfarm payrolls in October, compared to estimates of 85,000.
The employment gains came in above expectations despite a 40-day strike at General Motors, which still weighed on the numbers.According to Labor Department data, about 50,000 jobs were left unaccounted for during the strike.
Octobers healthy jobs report reassured traders facing uncertainty around the trade dispute between the US and China, and mountingsigns of slowing economiesaround the world.
The strong report also comes after the US Federal Reserve slashed interest rates this week for the third time since the financial crisis. Fed Chairman Jerome Powellindicated the central bank might hold offon lowering rates further this year as it digests new developments in the economy.
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Stocks surge to record high on blockbuster jobs report