Solid November Jobs Report Boosts U.S. Stocks
Claman on Call: FBN’s Liz Claman with an after-hours web exclusive on the markets, the November jobs report, oil and gold prices and McDonald’s stock.
Stocks celebrated Friday, rallying sharply higher on the solid November jobs report.
The U.S. economy added 211,000 jobs for the month, signaling that the economy is likely ready for liftoff at the next Federal Reserve meeting, where the first rate hike in 9.5 years could take place.
The enthusiasm sent stocks to their biggest gains in nearly three months. The Dow finished up 369 points, lifting the index into positive territory for the year. The S&P 500 closed up more than 41 points. And the Nasdaq ended the session up nearly 104 points.
The other major story moving markets Friday was OPEC. Oil settled below $40 a barrel after the oil cartel agreed to keep pumping crude at its current production levels, despite the global glut.
Gold futures were finally a shiny spot in the markets, rallying Friday to tally their first weekly gain in seven weeks.
Shares of McDonald's (NYSE:MCD) hit a lifetime high Friday and traded above $115 a share for the first time ever. The stock is the #3 winner in the Dow, up 23% for the year behind two other consumer powerhouses: Nike (NYSE:NKE) and Home Depot (NYSE:HD).
The good news wasn't enough to prop up GoPro (NASDAQ:GPRO), though. The action camera maker slid to a new low of $18 Friday after a disappointing outlook from key supplier Ambarella (NASDAQ:AMBA) led analysts to cut quarterly revenue estimates.