US close: Stocks end higher after better-than-expected non-farm payrolls
US stocks gained after the non-farm payrolls report and data on US manufacturing activity came in better than expected.
The Dow Jones Industrial Average advanced 0.63%, the S&P 500 rose 0.63% and the Nasdaq climbed 0.92%.
The US non-farm payrolls increased 215,000 last month, beating estimates of 205,000 jobs, according to the Labor Department.
The unemployment rate rose to 5% in March from 4.9% the prior month, surprising analysts who had anticipated no change.
However, the participation rate, or the share of working-age Americans who are employed or at least looking for a job, rose to 63% in March from 62.9% in February. It was ahead of estimates for an unchanged rate and the highest since March 2014.
Average hourly earnings rose 2.3% year-on-year in March, compared to analysts' projections for the same rate of growth as the previous month at 2.2%.
"Another good month of hiring in the US will encourage further chatter in some corners of the Fed moving closer to hiking interest rates again, but signs of weakening economic growth mean policymakers are likely to be cautious and hold off until the global economy is showing greater vigour and the US economy more sparkle," said Chris Williamson, chief economist at Markit.
Meanwhile, ISM’s US manufacturing index jumped to 51.8 in March from 49.5 in February, ahead of predictions of 50.7. A reading above 50 signals expansion in sector activity while a level below that suggests a contraction.
Markit’s US manufacturing purchasing managers' index was revised to 51.5 in March from a previous estimate of 51.4, as expected.
The University of Michigan´s US consumer confidence index beat market forecasts. The index came in at 91.0 in March, up from a previous estimate of 90.0, but down from 91.7 in February. Economists had expected 90.5.
Elsewhere, China’s official manufacturing PMI rose to 50.2 in March from 49.0 the previous month, surpassing expectations for a reading of 49.3.
Caixin’s private PMI on China manufacturing increased to 49.7 in March from 48 in February, exceeding forecasts of 48.3.
In commodities, oil prices were under the cosh after remarks from Saudi Arabia’s deputy crown prince added to worries about an oversupplied market.
Mohammed bin Salman said in an interview with Bloomberg that Saudi Arabia will freeze its oil output only if Iran and other major producers agree to curb theirs, which was seen by analysts to suggest a deal would be unlikely.
West Texas Intermediate crude plunged 4.4% to $36.41 per barrel and Brent dipped 4.3% to $38.44 per barrel.
In company news, Tesla Motors rallied after unveiling its more affordable Model 3 electric car late Thursday.
Starwood Hotels & Resorts Worldwide Inc. slumped after China’s Anbang Insurance Group Co.pulled out of its $14 billion bid for Starwood.
Smartphones maker BlackBerry was in the red after the company reported a drop in fourth quarter revenue.
Walgreens Boots Alliance advanced after Credit Suisse raised its price target on the drugstore operator to $100 from $92.
In currencies, the US dollar rose 0.92% against the pound, fell 0.09% against the euro and dropped 0.84% versus the yen.
S&P 500 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $405.98 +12.63%
Micron Technology Inc. (MU) $10.99 +4.97%
Urban Outfitters Inc. (URBN) $34.32 +3.72%
Peabody Energy Corp. (BTU) $2.40 +3.45%
Netflix Inc. (NFLX) $105.62 +3.32%
CF Industries Holdings Inc. (CF) $32.21 +2.78%
Newell Rubbermaid Inc. (NWL) $45.51 +2.75%
Amgen Inc. (AMGN) $153.99 +2.71%
Fidelity National Information Services Inc. (FIS) $65.01 +2.69%
Allegion (ALLE) $65.42 +2.68%
S&P 500 - Fallers
Ensco Plc. (ESV) $9.62 -7.23%
Chesapeake Energy Corp. (CHK) $3.85 -6.64%
Transocean Ltd. (RIG) $8.53 -6.62%
Marathon Oil Corp. (MRO) $10.54 -5.39%
United Continental Holdings Inc. (UAL) $56.75 -5.20%
National Oilwell Varco Inc. (NOV) $29.51 -5.11%
Starwood Hotels & Resorts Worldwide Inc. (HOT) $79.33 -4.91%
Fossil Group Inc (FOSL) $42.41 -4.52%
CONSOL Energy Inc. (CNX) $10.78 -4.52%
Freeport-McMoRan Inc (FCX) $9.88 -4.45%
Dow Jones I.A - Risers
Pfizer Inc. (PFE) $30.16 +1.75%
Goldman Sachs Group Inc. (GS) $159.71 +1.74%
Visa Inc. (V) $77.67 +1.55%
Merck & Co. Inc. (MRK) $53.70 +1.49%
Procter & Gamble Co. (PG) $83.41 +1.34%
JP Morgan Chase & Co. (JPM) $59.92 +1.18%
Home Depot Inc. (HD) $134.94 +1.13%
McDonald's Corp. (MCD) $127.06 +1.10%
Wal-Mart Stores Inc. (WMT) $69.17 +1.00%
E.I. du Pont de Nemours and Co. (DD) $63.88 +0.88%
Dow Jones I.A - Fallers
Chevron Corp. (CVX) $94.36 -1.10%
Exxon Mobil Corp. (XOM) $83.20 -0.47%
American Express Co. (AXP) $61.13 -0.45%
Walt Disney Co. (DIS) $99.13 -0.18%
Verizon Communications Inc. (VZ) $54.05 -0.06%
Nasdaq 100 - Risers
Regeneron Pharmaceuticals Inc. (REGN) $405.98 +12.63%
Micron Technology Inc. (MU) $10.99 +4.97%
Twenty-First Century Fox Inc Class B (FOX) $29.14 +3.33%
Tesla Motors Inc (TSLA) $237.42 +3.33%
Netflix Inc. (NFLX) $105.62 +3.32%
Walgreens Boots Alliance, Inc. (WBA) $86.68 +2.90%
Illumina Inc. (ILMN) $166.75 +2.86%
T-Mobile Us, Inc. (TMUS) $39.35 +2.75%
Amgen Inc. (AMGN) $153.99 +2.71%
Mondelez International Inc. (MDLZ) $41.17 +2.63%
Nasdaq 100 - Fallers
American Airlines Group (AAL) $39.49 -3.69%
Seagate Technology Plc (STX) $33.62 -2.42%
Whole Foods Market Inc. (WFM) $30.50 -1.98%
Norwegian Cruise Line Holdings Ltd. - Ordinary Shares (NCLH) $54.48 -1.47%
Western Digital Corp. (WDC) $46.56 -1.43%
Vimpelcom Ltd Ads (VIP) $4.20 -1.41%
NetApp Inc. (NTAP) $26.95 -1.25%
Autodesk Inc. (ADSK) $57.70 -1.05%
Vodafone Group Plc ADS (VOD) $31.75 -0.95%
PACCAR Inc. (PCAR) $54.17 -0.94%