U.S. stocks surged higher on Friday, buoyed by a better-than-expected jobs report for December and dovishly interpreted remarks by the chairman of the Federal Reserve. The Dow Jones Industrial Average climbed more than 700 points, or 3.3%, the S&P 500 finished up 3.4% and the Nasdaq Composite was the best-performing major index, closing up 4.3%. Before the market open the Bureau of Labor Statistics said the U.S. economy added 312,000 jobs in December. Economists polled by MarketWatch were expecting an increase of 182,000. Stocks received a further boost when Federal Reserve Chairman Jerome Powell said during a panel discussion that the central bank "will be patient as we watch to see how the economy evolves." Investors had become concerned that rising interest rates were weighing on equity prices. In company news, shares of Netflix Inc. (NFLX) rose more than 9% after Goldman Sachs added the company to its Conviction List.
-Aaron Hankin; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
January 04, 2019 16:21 ET (21:21 GMT)
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