Stocks Ended Higher, Dow Rose over 330 Points

U.S. stocks closed sharply higher on Friday, after a stronger-than-expected report on employment conditions in November. The Dow Jones Industrial Average rose 337.27 points, or 1.22%, to 28,015.06. The S&P 500 gained 28.48 points, or 0.91%, to 3,145.91. The Nasdaq Composite advanced 85.83 points, or 1.00%, to 8,656.53. For the week, the Dow lost 0.1%, the S&P 500 gained 0.2% and the Nasdaq declined 0.1%.

Oil futures climbed on Friday, with prices posting their highest settlement since September, after OPEC and its allies agreed to officially cut production by 500,000 barrels per day on top of its current reduction agreement, beginning in January. West Texas Intermediate crude for January delivery rose 77 cents, or 1.3%, to settle at $59.20 a barrel. February Brent crude added $1, or 1.6%, to end at $64.39 a barrel. For the week, WTI rose 7.3%, Brent saw a roughly 6.5% rise.

The U.S. economy created 266,000 new jobs in November, the Labor Department reported, the biggest gain since January, signaling the labor market remains robust even though economic growth has slowed.