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Wall Street at record high as dismal jobs data spurs stimulus bets

Stock Markets Dec 04, 2020 12:01PM ET
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By Shriya Ramakrishnan and Medha Singh

(Reuters) - Wall Street's main indexes jumped to all-time highs on Friday as data showing the slowest jobs growth in six months reinforced investors expectations for a new fiscal stimulus bill to help revive the economy from its worst downturn in decades.

All the 11 S&P 500 sector indexes rose, with value stocks such as energy and financials, which have lagged the broader market this year, leading the gains.

Occidental Petroleum Corp (NYSE:OXY) and Chevron Corp (NYSE:CVX) climbed about 3% each, lifted by a rise in crude prices, as major oil producers agreed on a compromise to extend the bulk of existing supply curbs.

The Labor Department's closely watched report showed nonfarm payrolls increased by 245,000 jobs in November, the smallest gain since the jobs recovery started in May. Nonfarm payrolls rose by 610,000 in October.

Analysts said the dismal report could spur policymakers to push harder for a stimulus bill as more than 13 million people were due to lose their government-funded unemployment benefits on Dec. 26 without quick action by Congress.

"The bad news of the weakening jobs picture is potentially good news for investors because it means that the stimulus bill is much more likely to take place in a fairly short time frame," said Ryan Detrick, senior market strategist at LPL Financial (NASDAQ:LPLA) in North Carolina.

At 11:21 a.m. ET, the Dow Jones Industrial Average rose 158.14 points or 0.53% to 30,127.66, the S&P 500 gained 22.68 points or 0.62% to 3,689.40 and the Nasdaq Composite gained 51.20 points, or 0.41% to 12,428.14.

A $908 billion coronavirus aid plan gained momentum in the Congress on Thursday after a months-long standoff between Republicans and Democrats over the size of the potential package.

The two parties also face a Dec. 11 deadline to pass a $1.4 trillion budget or risk a shutdown of the government.

Positive vaccine updates from major drugmakers have eased worries around grim economic data and a surge in infections, setting Wall Street's main indexes for another week of gains after the benchmark S&P 500 clocked its best November.

The U.S. Food and Drug Administration's chief said on Friday he had a "robust discussion" with the White House this week about the timeline for COVID-19 vaccine approvals and believes vaccinating 20 million Americans this year is realistic.

Advancing issues outnumbered decliners by 3.3-to-1 on the NYSE and by 2.5-to-1 on the Nasdaq.

The S&P 500 posted 39 new 52-week highs and no new lows while the Nasdaq recorded 279 new highs and 13 new lows.

Wall Street at record high as dismal jobs data spurs stimulus bets
 

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Comments (19)
James Bell
James Bell Dec 04, 2020 1:57PM ET
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stimulus bets...after SPY hits 370 I'm out, 100% cash...back in after the Biden selloff
Kit Ali
Kit Ali Dec 04, 2020 1:38PM ET
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So a bad economy creates a stockmarket surge??
Dietmar Stahl
Dietmar Stahl Dec 04, 2020 1:37PM ET
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Only the most foolish think stimulus will grow the economy. At best it can try to keep it stable
Daniel Lu
Daniel Lu Dec 04, 2020 1:13PM ET
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More or less investors already made a little fortune from harvesting at mutiple record highs and that’s why stimulus is still put aside as the market only looks for a direction and demands some kind of political boost. Yet, the thing is how to save our devastated economy from business lockdowns. Despite vaccines, it is unlikely to make a strong comeback in terms of GDPs.
James Gomez
James Gomez Dec 04, 2020 12:51PM ET
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Alright....enough with the ********stimulus already. I guarantee everyone is over it. There is no more hope for stimulus. If it's passed it's passed. If not, no surprise there. Find another topic
Jack AAA
Jack_A Dec 04, 2020 12:49PM ET
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bad news is good, good news is good, because Fed will print, fast and massively
Kenny Venezia
Kenny Venezia Dec 04, 2020 12:28PM ET
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LOL! First the news is, market waits on jobs report. Now since the jobs report is dismal, market up on stimulus bets. If a nuclear war was about to break out, the headline would read, market up on big defense contract bets
Biosalt Lda
Biosalt Lda Dec 04, 2020 12:28PM ET
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haha :)
Mary Holland
Mary Holland Dec 04, 2020 12:25PM ET
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trump WILL delay the stimulus and crash these markets on purpose and make everyone suffer YOU WATCH
Ross Dre
Ross Dre Dec 04, 2020 12:25PM ET
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Wouldn’t you? Haha
Jack AAA
Jack_A Dec 04, 2020 12:25PM ET
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the market has gone up a lot after election, Trump is not a factor any more
Ravensclawed TheRaven
Ravensclawed TheRaven Dec 04, 2020 12:19PM ET
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Market price discovery is a long gone distant memory
Jon Bal
Jon Bal Dec 04, 2020 11:58AM ET
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higher stock prices and cheaper dollars = money printing
 
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