Stock Market Overview
The S&P 500 Index ($SPX) on Friday closed up +0.91%, the Dow Jones Industrials Index ($DOWI) closed up +1.22%, and the Nasdaq 100 Index ($IUXX) closed up +1.07%.
The U.S. stock market on Friday posted solid gains due to the strong payroll report, the rise in U.S. consumer sentiment to a 7-month high, and positive trade news.
November U.S. payrolls rose sharply by +266,000, which was much stronger than market expectations of +180,000. In addition, Oct payrolls were revised higher by +28,000 to +156,000 from +128,000. The Nov payroll report was artificially inflated by the return to the labor market of 41,300 striking GM workers, but the payroll report ex-GM was still much stronger than expected at +225,000, suggesting that U.S. businesses remain optimistic about the economy and are still engaged in strong hiring. Another indication of the strong labor market was the drop in the Nov U.S. unemployment rate by -0.1 point to 3.5%, thus matching September's 50-1/2 year low.<... Read more
LOS ANGELES (AP) — Pacific Gas and Electric announced Friday it has reached a tentative $13.5 billion settlement resolving all major claims related to the deadly, devastating Northern California wildfires of 2017-2018 that were blamed on its outdated equipment and negligence.
LOS ANGELES (AP) — Elon Musk defeated defamation allegations Friday from a British cave explorer who claimed he was branded a pedophile when the Tesla CEO called him “pedo guy” in an angry tweet.
ALBUQUERQUE, N.M. (AP) — An executive with Netflix says the streaming giant has boosted its original content exponentially over the last several years and that will mean more action for its production hub in New Mexico, where state officials have been busy trying to woo more big partners in the industry.
HOUSTON (AP) — at a Houston-area petrochemical storage facility that burned for days in March was accidental and caused by equipment failure at a storage tank, according to a report released Friday by local and federal investigators.
MEXICO CITY (AP) — Mexico said Friday that it has made the biggest oil discovery in the country since 1987 at the Quesqui field in the Gulf coast state of Tabasco.
SAN FRANCISCO (AP) — Pacific Gas & Electric Co. announces $13.5 billion settlement with individual Northern California wildfire victims.
WASHINGTON (AP) — Mexico’s top trade negotiator wrapped up an 11-hour meeting with his U.S. counterpart Friday night, saying they had not finalized a new trade agreement for Mexico, United States and Canada.
WASHINGTON (AP) — A bipartisan Senate bill to curb prescription drug costs for Medicare recipients got a makeover Friday to lower copays and make it easier for seniors to budget for their expenses.