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Wall Street climbs on solid jobs data, trade hopes

Stock Markets Dec 06, 2019 04:24PM ET
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© Reuters. Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York
 
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By Stephen Culp

NEW YORK (Reuters) - Wall Street ended solidly higher on Friday as a strong jobs report and optimism about U.S.-China trade negotiations ahead of an upcoming deadline helped stoke investor risk appetite.

All three major U.S. stock indexes gained ground, hovering within 1% of record highs set last week.

But as a tumultuous week of contradictory trade news and mixed economic data drew to a close, only the S&P 500 posted a weekly gain. The Dow and the Nasdaq ended the session down from last Friday's close.

The U.S. economy added 266,000 jobs in November, the largest increase in 10 months, according to the Labor Department, blowing past analyst estimates. The unemployment rate edged down to 3.5%.

"This type of report shows underlying economic strength, and it gives corporate management confidence in the strength of the economy," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York. "Primarily because of (trade negotiations), there's been a lot of uncertainty with management."

Regarding trade, White House economic adviser Larry Kudlow said that while the Dec. 15 remains the date when the next round of tariffs on Chinese goods will take effect, "the reality is constructive talks, almost daily talks; we are, in fact, close."

"You have two very tough negotiators and a lot of tough issues to be agreed on," Ghriskey added. "But, based on what we're hearing from serious sources, it certainly appears we will be seeing some kind of trade deal."

U.S. Treasury yields rose after the strong employment report, and bank stocks <.SPXBK> had their best day in over a month, rising 1.6%.

The Dow Jones Industrial Average (DJI) rose 337.27 points, or 1.22%, to 28,015.06, the S&P 500 (SPX) gained 28.48 points, or 0.91%, to 3,145.91 and the Nasdaq Composite (IXIC) added 85.83 points, or 1%, to 8,656.53.

Of the 11 major sectors of the S&P 500, all but utilities (SPLRCU) closed in positive territory, with energy (SPNY), financials (SPSY) and trade-sensitive industrials (SPLRCI) enjoying the largest percentage gains.

Energy stocks were buoyed by a 1.1% rise in crude prices (CLc1) following an agreement between OPEC and its allies to extend output cuts through 2020.

Industrials had their best day in over a month, rising 1.3%.

Kudlow's comments also lifted tariff-vulnerable chip stocks, sending the Philadelphia Semiconductor index (SOX) up 1.6%.

Shares of cosmetics retailer Ulta Beauty Inc (O:ULTA) jumped 11.1%, the best performer in the S&P 500, after beating quarterly profit expectations.

Tesla Inc (O:TSLA) rose 1.7% after revealing it would receive state subsidies for its Chinese-built Model 3 cars.

3M Co (N:MMM) advanced 4.3% after Bloomberg reported the company was exploring a sale of its drug delivery systems business, which could fetch about $1 billion.

Advancing issues outnumbered declining ones on the NYSE by a 2.93-to-1 ratio; on Nasdaq, a 2.27-to-1 ratio favored advancers.

The S&P 500 posted 54 new 52-week highs and no new lows; the Nasdaq Composite recorded 124 new highs and 45 new lows.

Volume on U.S. exchanges was 6.64 billion shares, compared with the 6.65 billion-share average over the last 20 trading days.

Wall Street climbs on solid jobs data, trade hopes
 

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Comments (34)
Space Lord
Space Lord Dec 05, 2019 1:18PM ET
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Trade deal will happen 15th of December
David David
David9 Dec 04, 2019 6:08PM ET
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I told you ... the China Lion has to Roar first. After two days of frightening the worldwide markets, it calms down. Now if Trump were to poke at the Lion again, then yes we can expect the Lion to Roar more.
Dong Chang
Dong Chang Dec 04, 2019 3:51PM ET
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there is no trade deal, they just using the news to hype up the Algos to manipulate the stock market.  The more they publish these fake news is simply telling China that Trump is bluffing.  China doesn't need to buy 50B of agricultural from us?  Go ahead raise the tariffs, China already got the upper hand.
Noelle Milton Vega
NYCeyes Dec 04, 2019 3:50PM ET
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I purchased futures on tomorrow's and Friday's headlines: Tomorrow's: "Stocks down on trade deal concerns". Friday's: "Stocks up on trade deal optimism".
Paul Andrew Gomez
Paul Andrew Gomez Dec 04, 2019 3:21PM ET
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Art of war tactics! Keep thy enemy guessing for a surprise attack. They are setting people up for the dump.
Pwr Strk
Pwr Strk Dec 04, 2019 3:03PM ET
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did I mention it was Reuters saying YESTERDAY that the financial world was going to fall apart because of no trade deal and the chinese reluctance to sign anything unless all tariffs were removed?
Nikolas Stark
Nikolas Stark Dec 04, 2019 2:42PM ET
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Trade deal is closer??! After US Congress signed Uyghur and Hongkong Act??? It is clear that US intention is to irritate China. How can a deal be possible if you stab more and more your trade partner? At this current condition, the so-called "phase one" deal is impossible let alone full trade deal. The most likely probable deal is US just cancelling the increase tariff threat at 15th Dec. This scheme is used for pumping US Stock, giving ecstatic false hope for investors, the so-called HOPIUM.
Ignacio Herrera
Ignacio Herrera Dec 04, 2019 2:29PM ET
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dear Trump is time for results and deals ... you are good in selling smoke.... but in the end people need facts not chats
Space Lord
Space Lord Dec 04, 2019 2:11PM ET
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What the beautiful news!
Mart Bab
Rubberduck1973 Dec 04, 2019 1:50PM ET
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I think Michael Bloomberg is trying to torpedo Trump into the man who crashed the economy by putting so much hope in market about getting close to a deal, while in reality, the Trump administration is getting further and further away from a deal. I expect the inconvinient truth to come out very soon, when the 2020 election starts and markets fall and fall. If Trumps says A and markets go down and one day after Bloomberg says B and markets go up, there is a reason for this. Who is pulling the strings?
Mart Bab
Rubberduck1973 Dec 04, 2019 1:50PM ET
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I also think mm is playing the Bloomberg game and not the Trump game. Witch is more worying because market is not tacking Trump serious. This means the deal is going to back fire for shore
Pwr Strk
Pwr Strk Dec 04, 2019 1:50PM ET
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FYI the election is until November, so you can continue playing with your rubber duck
 
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