Traders work on the floor at the New York Stock Exchange June 24, 2019. — Reuters pic
NEW YORK, Nov 1 — Wall Street stocks gained early today after the October US jobs report topped expectations despite a hit from the General Motors strike.
Employers added 128,000 net new jobs last month, the Labor Department reported, much better than the 80,000 projected by analysts and in spite of lower auto industry staffing that was apparent in data on that sector.
“The key takeaway from the report is that it is not emblematic of an economy that is on the brink of a recession,” analyst Patrick O’Hare wrote at Briefing.com. “On the contrary, it is emblematic of an economy that is expanding.”
About 15 minutes into trading, the Dow Jones Industrial Average stood at 27,197.07, up 0.6 per cent.
The broad-based S&P 500 also jumped 0.6 per cent to 3,055.59, while the tech-rich Nasdaq Composite Index advanced 0.5 per cent to 8,342.72.
Among companies reporting results, Exxon Mobil jumped 1.6 per cent after reporting better-than-expected profits, while Chevron fell 1.0 per cent on results that lagged expectations.
Fitbit, a wearable technology company, surged 16.3 per cent after it agreed to be acquired by Google for US$2.1 billion (RM8.8 billion).
The move advances Google’s expansion into hardware while Fitbit has struggled against rivals including Apple. Alphabet climbed 0.4 per cent. — AFP