The stock market surged to its biggest gain since early September Friday after another strong month of hiring by U.S. employers. The solid news on the economy opened the way for the Federal Reserve to begin raising interest rates back toward normal levels later this month. Energy stocks and the price of crude oil fell after OPEC said it won’t cut production.
The Dow Jones industrial average jumped 369.96 points, or 2.1 per cent, to 17,847.63.
The Standard & Poor’s 500 index gained 42.07 points, or 2.1 per cent, to 2,091.69.
The Nasdaq composite climbed 104.74 points, or 2.1 per cent, to 5,142.27 points.
For the week:
The Dow added 49.14 points, or 0.3 per cent.
The S&P 500 picked up 1.58 points, or 0.1 per cent.
The Nasdaq composite rose 14.75 points, or 0.3 per cent.
For the year:
The Dow is up 24.56 points, or 0.1 per cent.
The S&P is up 32.79 points, or 1.6 per cent.
The Nasdaq is up 406.22 points, or 8.6 per cent.