US stock market rises as job gains beat expectations
U.S. stocks rose on Friday after the economy added 227,000 jobs in November, significantly surpassing market expectations of 200,000.
This marked a sharp rebound from October’s revised gain of 36,000, according to the Department of Labor.
Art Hogan of B. Riley Wealth Management described the data as “a touch better than expected,” noting that the broader market rally this year has been more diverse compared to 2023.
In early trading, the Dow Jones Industrial Average gained 0.2% to 44,865.62, the S&P 500 rose 0.3% to 6,090.80, and the Nasdaq Composite climbed 0.4% to 19,779.79.
Shares of apparel maker Lululemon surged 17.5% after the company exceeded third-quarter revenue expectations. Similarly, Ulta Beauty’s stock jumped over 13% following better-than-expected earnings and revenue results for the same period.