S&P 500, Nasdaq hit record high on U.S. jobs report, China data


Wall Street’s main indexes advanced on Friday, as investors took comfort from data that showed U.S. jobs growth slowed less than expected in October and China’s factory activity expanded at its fastest pace in more than two years.

Eight of the 11 major S&P 500 sectors were trading higher on Friday, with the technology sector .SPLRCT, led by Apple Inc, providing the biggest boost.

The Labor Department’s closely watched monthly employment report also showed hiring in the prior two months was stronger than previously estimated, offering some assurance that consumers would continue to support the slowing economy.

On the trade front, U.S. Commerce Secretary Wilbur Ross said the initial “phase one” trade pact with China appears to be in good shape and is likely to be signed around mid-November, although a finite date is still in question.

MacDailyNews Take: Apple is currently valued at $1.144 trillion!


  1. Wow! Job growth slowed less than expected. What a triumph!

    There was a substantial loss in manufacturing jobs (producing an overall rise in unemployment rate), so the new jobs were primarily in the service sector, things like clerks in Halloween stores. The number of people employed should always be rising with the rising population, so that’s another huge triumph, isn’t it?

    To give Our President credit where it is due, he has managed not to derail the steady economic growth that has continued since 2009.

    1. The manufacturing sector lost 50,000 jobs because of the GM strike. These positive job numbers include that -50k figure. Not to mention the huge positive revisions from August and September. Slowing from 3 down to 2 % is slowing, but no one expected the economy to keep growing at a 3% clip forever. Settling in at 2% growth is not a bad thing. I’ll check back for your holiday job report analysis.

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