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* U.S. jobs growth in Oct. slows less than expected
* Qorvo jumps on $1 bln share buyback, rosy forecast
* Oil producers: Exxon rises, Chevron drops
* Pinterest slumps as revenue misses estimates
* Indexes up: Dow 0.82%, S&P 0.78%, Nasdaq 0.88%
(Updates to open)
By Arjun Panchadar
Nov 1 (Reuters) - U.S. stocks rose nearly 1% on Friday,
taking comfort from October data that showed U.S. jobs growth
slowed less than expected and China's factory activity expanded
at its fastest pace in more than two years.
The tech-heavy Nasdaq breached its record level for the
first time since July, while the benchmark S&P 500 notched its
fourth record high this week.
Both the indexes logged their best month in four in October
after an upbeat start to the third-quarter earnings season and a
largely positive U.S.-China trade rhetoric.
Most of the 11 major S&P 500 sectors were trading higher on
Friday, with the technology sector .SPLRCT , led by Apple Inc
AAPL.O , providing the biggest boost.
The Labor Department's non-farm payrolls data showed jobs
growth in October came in at 128,000 compared to expectations of
89,000, according to economists polled by Reuters. However,
growth still slowed from September.
The report also showed hiring in the prior two months was
stronger than previously estimated, offering assurance that
consumers would continue to prop up the slowing economy for a
while. "It's interesting because there was an expectation of 50,000
jobs being gone simply because of the GM strike but clearly that
doesn't show up," said Randy Frederick, vice president of
trading and derivatives for Charles Schwab in Austin, Texas.
"That tells me that it was a very strong report."
Meanwhile, China manufacturing activity unexpectedly
expanded in October as new export orders rose and plants ramped
up production. 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. At 10:21 a.m. ET the Dow Jones Industrial Average .DJI was
up 220.80 points, or 0.82%, at 27,267.03, the S&P 500 .SPX was
up 23.55 points, or 0.78%, at 3,061.11 and the Nasdaq Composite
.IXIC was up 73.34 points, or 0.88%, at 8,365.70.
Among stocks, oil major Exxon Mobil Corp XOM.N rose 1.7%
after it beat recently lowered third-quarter profit
expectations, while peer Chevron Corp CVX.N fell 0.5% as it
posted a 36% drop in quarterly profit. Qorvo Inc QRVO.O jumped 17.2% after the Apple supplier
announced a $1 billion share buyback plan and forecast
third-quarter revenue above expectations. Pinterest Inc PINS.N tumbled 21.6% after the online
scrapbook company missed quarterly revenue
estimates. Arista Networks Inc ANET.N slumped 25.4% after the cloud
infrastructure supplier forecast current-quarter revenue much
below Wall Street expectations.
Advancing issues outnumbered decliners by a 3.72-to-1 ratio
on the NYSE and by a 3.62-to-1 ratio on the Nasdaq.
The S&P index recorded 30 new 52-week highs and two new
lows, while the Nasdaq recorded 56 new highs and 17 new lows.