- The Dow, S&P 500, and Nasdaq all rebounded on Friday, ending the week on a high note and starting off the new month with a bang.
- A surprisingly strong jobs report emboldened stock market bulls, as the economy beat estimates despite pressure from the GM strike.
- The enthusiastic response to the jobs report distracted from other worrisome economic data releases.
The Dow bounced back from its Halloween haunting on Friday after a stunning jobs report distracted from foreboding economic data.
Dow Snaps Toward a Recovery After Strong Non-Farm Payrolls Data
Wall Street’s three major indices rose in unison. The Dow Jones Industrial Average surged 250.38 points or 0.93% to 27,296.61, more than erasing its Oct. 31 losses.
Bullish jobs data launched the Dow toward a triple-digit recovery. | Source: Yahoo Finance
The S&P 500 jumped 24.24 points or 0.8%. Now trading at 3,061.66, the large-cap index has the potential to close at yet another record high.
The Nasdaq recorded a similar bounce, adding 73.66 points or 0.89% to achieve a new all-time high at 8,366.22.
Stock Market Reacts to Spectacular Jobs Report
A surprisingly-strong jobs report emboldened Dow bulls, who had already prepared to shrug off any dismal statistics as outliers caused by the prolonged General Motors strike.
However, those excuses turned out not to be necessary, because nonfarm payrolls jumped by 128,000 anyway, easily smashing the Dow Jones economist estimate of 75,000.
Even better, August and September payrolls data were both revised upward,