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* U.S. nonfarm payrolls rise by the most in 10 months
* Ulta Beauty jumps on quarterly profit beat
* Energy stocks rise gain the most among S&P 500 sectors
* Indexes up: Dow 1.03%, S&P 500 0.88%, Nasdaq 0.94%
(Updates to open)
By Shreyashi Sanyal
Dec 6 (Reuters) - U.S. stocks advanced 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.
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. report indicated the economy remained on a moderate
expansion path despite a prolonged manufacturing slump.
"Overall, this was a very solid report and should put those
fears of recession firmly in the rear view," said Michael Arone,
chief investment strategist at State Street Global Advisors,
Boston.
Global financial markets began 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.
"Not only the jobs data, but most economic data will
continue to take a back seat to the U.S.-China trade
negotiations and as the Dec. 15 date continues to loom over
markets," Arone said.
If no deal is reached soon, more tariffs on Chinese goods
would kick in from Dec. 15.
Energy stocks .SPNY jumped 2% after crude prices rose as a
meeting of the OPEC and its allies agreed to extend output cuts
by 500,000 barrels per day in early 2020. O/R
Trade-sensitive semiconductor stocks gained with the
Philadelphia Semiconductor index .SOX rising 1.6%. The broader
technology sector .SPLRCT added 0.9%.
Wall Street has had a tumultuous run this week with every
new headline on the U.S.-China trade war. But the S&P 500 index
.SPX is now set to end the week marginally higher.
The Dow Jones Industrial Average .DJI was up 284.78
points, or 1.03%, at 27,962.57, the S&P 500 .SPX was up 27.56
points, or 0.88%, at 3,144.99 and the Nasdaq Composite .IXIC
was up 80.37 points, or 0.94%, at 8,651.07.
Ulta Beauty Inc ULTA.O jumped 12.6%, the most among S&P
500 companies, after the cosmetics retailer beat quarterly
profit expectations. Tesla Inc TSLA.O rose 1.7% after the electric vehicle
maker said its Chinese-built Model 3 cars would receive state
subsidies. Advancing issues outnumbered decliners by a 3.31-to-1 ratio
on the NYSE and by a 3.61-to-1 ratio on the Nasdaq.
The S&P index recorded 47 new 52-week highs and no new low,
while the Nasdaq recorded 78 new highs and 18 new lows.