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* U.S. nonfarm payrolls rise by the most in 10 months
* Ulta Beauty jumps on quarterly profit beat
* All 11 major S&P 500 sectors trading higher
* Indexes up: Dow 1.22%, S&P 500 1.04%, Nasdaq 0.99%
(Adds comments, updates price action)
By Shreyashi Sanyal
Dec 6 (Reuters) - U.S. stocks jumped on Friday as a strong
jobs report and upbeat comments from President Donald Trump on
trade talks with China breathed new life into markets after a
roller-coaster week.
Wall Street's main indexes are inching closer to all-time
highs hit last week, after being nudged off by mixed headlines
on U.S.-China trade. The S&P 500 index .SPX is now set to end
the week marginally higher.
A Labor Department report showed domestic job growth
increased by the most in 10 months in November, aided by
striking workers returning to General Motors' GM.N payrolls
and more hiring in the healthcare industry.
"After the sharp slowdown at the start of the year, the
recent rebound in employment growth is clearly encouraging and
suggests that the loosening in financial conditions this year is
starting to support the economy," said Andrew Hunter, senior
U.S. economist at Capital Economics.
Global financial markets began the day on a strong note as
Trump said trade discussions with China were "moving right
along." China said it will waive import tariffs for some
soybeans and pork shipments from the United States, lifting the
mood.
Meanwhile, White House economic adviser Larry Kudlow said
the Dec. 15 deadline is still in place for a new round of
tariffs on Chinese goods set to kick in, but Trump likes where
trade talks are going. U.S. Treasury yields also jumped after the robust jobs
numbers, while bank stocks .SPXBK climbed 1.8%. US/
Trade-sensitive Philadelphia Semiconductor index .SOX
gained 1.6%. The broader technology sector .SPLRCT added 1%.
The Dow Jones Industrial Average .DJI was up 339.04
points, or 1.22%, at 28,016.83, the S&P 500 .SPX was up 32.57
points, or 1.04%, at 3,150.00 and the Nasdaq Composite .IXIC
was up 84.87 points, or 0.99%, at 8,655.57.
Ulta Beauty Inc ULTA.O jumped 13.2%, the most among S&P
500 companies, after the cosmetics retailer beat quarterly
profit expectations. 3M Co MMM.N gained 4% after a report said the company is
exploring a sale of its drug delivery systems business, which
could fetch about $1 billion.
Tesla Inc TSLA.O rose 2% after the electric vehicle maker
said its Chinese-built Model 3 cars would receive state
subsidies.
Advancing issues outnumbered decliners by a 3.52-to-1 ratio
on the NYSE and by a 2.99-to-1 ratio on the Nasdaq.
The S&P index recorded 52 new 52-week highs and no new low,
while the Nasdaq recorded 100 new highs and 31 new lows.