Stocks Jumped in Early Trading after Strong Jobs Report

U.S. stocks jumped in early trading on Friday, after the October jobs report came in well above consensus expectations. The Dow Jones Industrial Average lately rose 212.23 points, or 0.78%, to 27,258.46. The S&P 500 gained 24.41 points, or 0.80%, to 3,061.97. The Nasdaq Composite added 77.25 points, or 0.93%, to 8,369.61.

Oil futures were up slightly Friday, buoyed by an upbeat read on Chinese manufacturing activity. West Texas Intermediate crude for December delivery rose 30 cents, or 0.6%, to $54.48 a barrel, while January Brent crude gained 20 cents, or 0.3%, to trade at $59.82 a barrel.

The U.S. created 128,000 new jobs in October and hiring was stronger at the end of summer than previously reported, suggesting the economy is still holding up better than expected despite trade turbulence and a slowdown in global growth. The unemployment rate, meanwhile, edged up to 3.6% from 3.5%, still hanging around the lowest level since 1969.

Google’s parent company Alphabet (GOOG, GOOGL) is acquiring health tracking company Fitbit (FIT) for $2.1 billion. The deal will pay out $7.35 per Fitbit share, which was priced at $6.16 in pre-market trading Friday.