Wall Street today: US stocks edge higher after strong jobs data | Stock Market News

Wall Street stocks edged higher on Friday after payrolls data showed growth in jobs in November.

As of 10:05 am Eastern time, the S&P 500 added 0.3 per cent, the Dow Jones Industrial Average was or 0.1 per cent higher, and the Nasdaq Composite climbed 0.6 per cent.

At the opening bell, the Dow Jones Industrial Average rose 58.6 points, or 0.13 per cent, to 44,824.29. The S&P 500 rose 6.3 points, or 0.10 per cent, to 6,081.38, while the Nasdaq Composite rose 43.2 points, or 0.22 per cent, to 19,743.959.

According to Bureau of Labor Statistics figures released on Friday, non-farm payrolls increased 227,000 in November, following an upwardly revised 36,000 gain in October.

The jobs data support the US Federal Reserve’s view that the employment market remains solid and boost investors’ hopes for an interest rate cut in the Fed’s next monetary policy.

Among megacap stocks, Tesla and Amazon.com rose 1.1 per cent and 1.4 per cent, respectively.

Retailer Ulta Beauty rallied 11.8 per cent after posting better-than-expected quarterly profit and revenue.

Lululemon stock climbed 15.8 per cent following its profit report.

In the bond market, the yield on the 10-year Treasury yield fell to 4.13 per cent from 4.18 per cent late on Thursday.

Bitcoin was sitting around $99,000 after briefly bursting above $103,000 to a record the day before.

Crude oil

Oil prices slid on Friday as OPEC failed to allay supply concerns.

Brent crude declined as much as 1.2 per cent to $71.21 a barrel.

OPEC and its allies delayed increasing supplies for a third time, opting to start with a modest increase in April.

Bullion

Gold prices were steady on Friday after a key US jobs report reaffirmed expectations that the Fed will cut interest rates this month.

Spot gold was little changed at $2,632.29 an ounce as of 9:27 am in New York.