Business

Positive US jobs report boosts shares

Trader in front of screens (file photo) Image copyright EPA

(Closed): Stocks closed out the week on a mostly high note after a better than expected jobs report.

The US economy added 271,000 jobs in October, which has raised the prospect of a rate increase in December.

The Nasdaq index had the largest gains, adding 19.38 points or 0.38% reaching 5,147.12.

The Dow Jones Industrial Average rose 47.97 points or 0.27% to 17,911.40 while the S&P 500 index dipped by 0.67 points or 0.03% to 2,099.26

The Federal Reserve meets to discuss interest rates next month and many analysts now believe it will raise rates from the current level of near zero.

"These figures, held alongside [Fed chair Janet] Yellen's statement last month, give us a strong reason to believe that a December rate rise by the Fed is almost a certainty," said Sanjiv Shah, chief investment officer at Sun Global Investments.

The news sparked big gains in financial stocks , with JP Morgan Chase closing up 3% and Goldman Sachs rising 3.7%.

Shares of Disney rose 2.4% following its estimate beating earnings report after the closing bell on Thursday. The company reported $1.6bn (£1.05bn) in profit for the third quarter.

Shares in biotech firm ZS Pharma jumped 40% after AstraZeneca said it would buy the biotech company for $2.7bn.

Against the euro, the dollar rose by more than one cent to €0.9312, and it climbed to 123 yen.

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