Business

Wall Street boosted by strong jobs data

NYSE traders Image copyright Getty Images

(Close): Wall Street closed up following a strong US jobs report that showed unemployment remaining at a seven and half year low.

The Dow Jones Industrial Average gained 369.96 points or 2.12% finishing at 17,847.63.

The broader S&P 500 index rose 42.07 or 2.05% to 2,091.69, while the Nasdaq index jumped 104.74 or 2.08% to 5,142.27.

The US market added 211,000 new jobs in November leaving unemployment at 5%.

Many investors now believe it is inevitable that the Federal Reserve will raise interest rates when it meets on 15 and 16 December.

Bank stocks were among the days big winners. Shares of JPMorgan Chase grew by 3.2% while Citigroup shares were up 3% and shares of Wells Fargo rose 2.7%.

Oil services companies were some of the few to fall on Friday after OPEC- a group of large oil producing countries- announced it would keep production levels unchanged.

Servicing company Weatherford International lost 4.5% and Transocean fell 3.9%

While the domestic economy showed signs of strengthening, the slowdown in the global economy weighed on America's trade deficit.

Data from the US Commerce Department showed the gap between what America imports and what it exports rose 3.4% to $43.9 billion in October.