Dow Jones Industrial Average jumps 301 points
The Dow gained 301.13 points, or 1.11% to close at 27,347.36. The S&P 500 climbed 0.97% to 3,066.91. The Nasdaq Composite advanced 1.13% to end the day at 8,386.40. A much better-than-expected jobs report propelled the S&P 500 and Nasdaq to record highs.
Big job gains even with General Motors strike
The U.S. economy added 128,000 jobs in October, easily topping a Dow Jones estimate of 75,000. The better-than-expected print came even as a General Motors workers strike shaved off more than 40,000 jobs last month. Investors interpreted the report as a sign the economy is not even close to falling into a recession. This, coupled with easy Federal Reserve monetary policy for the foreseeable future, could add fuel to the market's record run.
Qorvo and US Steel surge on earnings
Qorvo shares surged 20.23% after the chipmaker posted quarterly numbers that topped analyst expectations. The company also issued strong earnings and revenue guidance for the current quarter. U.S. Steel also jumped 14.77% after the company posted a smaller-than-forecast quarterly loss.
What happens next?
Factory orders data will be on the agenda Monday as investors look for more signs of a healthy economy. Investors will also watch the Dow to see if it joins the S&P 500 and Nasdaq in record territory. Read more here.