US stocks finished higher on Friday as stronger-than-expected employment report boosted optimism about the strength of the economic recovery.
The Dow Jones Industrial Average rose 9.24 points, or 0.08%, to finish at 11,444.08. The S&P 500 added 4.79 points, or 0.39%, to close at 1,225.85. The Nasdaq Composite increased 1.64 points, or 0.06%, to 2,578.98.
A release by the Department of Labor on Friday showed that U.S. employers added 151,000 net jobs in October. Economists expected non-farm payrolls to rise 60,000. Unemployment rate remained unchanged at 9.6%, matching consensus.
The National Association of Realtors said Friday that pending home sales dropped 1.8% in September. Economists expected pending home sales to rise 2.5%.
Meanwhile, the Federal Reserve reported that consumer credit unexpectedly increased by $2.1 billion in September to $2.41 trillion after a revised $4.9 billion drop in August.
Shares of Alcoa Inc. (NYSE: AA
) surged 40 cents, or 2.94%, to $14.
General Electric Co. (NYSE: GE
) climbed 22 cents, or 1.33%, to $16.73.
Shares of Intel Corp. (NASDAQ: INTC
) rose 27 cents, or 1.29%, to $21.24 after Roth Capital upgraded the company to Buy from Neutral and lifted its price target to $25 from $20.
Among financials, JPMorgan Chase and Co (NYSE: JPM
) jumped $1.14, to 2.86%, $40.94. Citigroup Inc (NYSE: C
) rallied 16 cents, or 3.70%, to $4.49. Wells Fargo & Co. (NYSE: WFC
) soared $1.76, or 6.41%, to $29.22.
American International Group Inc. (NYSE: AIG
) said Friday that it swung to a third-quarter loss of $2.4 billion, or $17.62 a share, compared to a profit of $455 million, or 68 cents a share, in the year-ago quarter. On an adjusted basis, the company reported a loss of $1.47 a share in the latest quarter. Revenue slipped to $19.09 billion from $19.60 billion. AIG shares rose 87 cents, or 1.94%, to $45.61.
Beazer Homes USA Inc.