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US S&P 500 Stock Index Soars to Record High After Upbeat October Jobs Report

© AFP 2021 / JEWEL SAMADPeople walk past the New York Stock Exchange (NYSE) on the Wall Street in New York
People walk past the New York Stock Exchange (NYSE) on the Wall Street in New York  - Sputnik International
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NEW YORK (Sputnik) - US stocks in the S&P 500 index rose to record highs on Friday after jobs growth for October in the world’s largest economy exceeded expectations by as much as 70 per cent.

Earlier, the Bureau of Labor Statistics reported that the US economy added 128,000 new jobs in October.

The S&P500 index of top 500 US stocks was up 0.8% at 3,061.70 by 10:53 a.m. EST (14:53 GMT), after hitting a record high at 3,064.29.

The broader Dow Jones Industrial Average index was up 0.9% at 27,301.62.

The tech-heavy Nasdaq index was also up 0.9% at 8,364.64.

The number of jobs added in October far exceeded market expectations for a 75,000 increase, CNBC reported.

Labor Secretary Eugene Scalia said in a statement that the US unemployment rate remained near a 50-year low, with October marking the 12th straight month where the jobless rate has been at or below 4 per cent.

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