Dow, S&P hit new records after robust US jobs report

NEW YORK: The Dow and the S&P 500 climbed modestly to fresh record highs on Friday (Dec 5) after a blockbuster US labour report showed widespread jobs growth in November.

The Dow Jones Industrial Average added 58.69 points (0.33 per cent) at 17,958.79, topping its Wednesday mark by about 46 points. The broad-market S&P 500 index added 3.45 points (0.17 per cent) at 2,075.37, also a record, and the tech-rich Nasdaq Composite Index rose 11.32 points (0.24 per cent) to 4,780.76.

The Dow capped the first week of December closing just shy of the 18,000 mark after the Labour Department reported the economy added a much stronger-than-expected 321,000 jobs in November, the best jobs growth in nearly three years.

Upward revisions of the prior two months added a combined 44,000 jobs and brought the yearly average to 241,000 a month. Despite the jobs data coming in far better than analysts expected, the stock market struggled to find direction before following financials higher, Briefing.com analysts said in a market note.


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