Stocks rose on Friday as traders pored through the latest U.S. jobs report, putting the major averages on pace for another weekly advance.
The Dow Jones Industrials came fast out of the blocks Friday, increasing 102.42 points to 30,071.94.
The S&P 500 picked up 19.3 points to 3,686.02.
The NASDAQ gained 54.26 points to 12,431.44.
The U.S. economy added 245,000 jobs in November, well below a Dow Jones consensus estimate of 440,000. The unemployment rate, however, matched expectations by falling to 6.7% from 6.9%.
Friday’s report comes as the number of coronavirus cases has been rising sharply. The U.S. reported record numbers on Thursday of new infections, single-day deaths and hospitalizations.
On Thursday, the stock market was hit by a report suggesting troubles with Pfizer’s coronavirus vaccine rollout. Major averages swiftly fell to their session lows after Dow Jones reported said Pfizer expects to ship half of the Covid-19 vaccines it originally planned for this year due to supply-chain problems.
Still, Pfizer and BioNtech are on track to roll out 1.3 billion vaccines in 2021 and the 50-million-dose shortfall this year will be covered as production ramps up, the report said.
The major averages were on pace to post their fourth weekly gain in five weeks. Entering Friday’s session, the Dow was up 0.2%, and the S&P 500 had gained 0.8%. The NASDAQ had risen 1.4% this week through Thursday’s close.
Prices for the 10-Year Treasury slumped, raising yields to 0.98% from Thursday’s 0.91%. Treasury prices and yields move in opposite directions.
Oil prices gushed 39 cents to $46.03 U.S. a barrel.
Gold prices brightened $5.70 to $1,846.30
Dow Rises 100+ Despite Lukewarm Jobs Report