Stocks Ended Sharply Higher on Strong Jobs Report, Powell’s Comments

U.S. stocks ended sharply higher on Friday, following a report that the U.S. economy added far more jobs than expected in December and dovishly interpreted remarks by the chairman of the Federal Reserve. The Dow Jones Industrial Average rose 746.94 points, or 3.29%, to 23,433.16. The S&P 500 advanced 84.05 points, or 3.43%, to 2,531.94. The Nasdaq Composite gained 275.35 points, or 4.26%, to 6,738.86.

Oil futures on Friday scored their first weekly gain in a month as renewed trade talks set for next week between the U.S. and China and upbeat jobs numbers calmed recession worries, helping to lift prices to their highest finish since mid-December. West Texas Intermediate crude for February delivery added 87 cents, or 1.9%, to settle at $47.96 a barrel. March Brent crude added $1.11, or 2%, to $57.06 a barrel.

Federal Reserve Chairman Jerome Powell said Friday that the blowout jobs report was “very, very welcome” and said the central bank is flexible on how it unwinds its massive balance sheet.