Job growth in the world's top economy soared past expectations last month while the unemployment rate ticked lower. Nonfarm payrolls rose by 266,000 in November, and October's print was revised to 156,000 from 128,000 previously, according to the Bureau of Labor Statistics. The unemployment rate edged down to 3.5% from 3.6% in October.
The consensus from Econoday was for a gain of 180,000 and a 3.6% unemployment rate.
Larry Kudlow, the head of the White House National Economic Council, told CNBC that "the (trade) deal is close" with China. "It's probably even closer than in mid-November. The reality is constructive talks, almost daily talks. We are in fact close."
However, Kudlow said the Dec. 15 deadline for a new round of tariffs on Chinese-produced goods remains in place.
Ten of 11 sectors of the Standard & Poor's 500 ended higher, with five gaining more than 1%. Only three companies in the Dow Jones Industrial Average lost ground.
Energy shares added 2%, led higher by rising oil prices after the Organization of the Petroleum Exporting Countries and other top oil-producing countries agreed to cut output by an additional 500,000 barrels a day, on top of a previous deal to reduce production by 1.2 million barrels a day.
West Texas Intermediate crude oil rose 1% to $59.03 a barrel while international benchmark Brent added almost 1.4% to $64.25 a barrel.
Exxon Mobil (XOM) rose 1.6% and Chevron (CVX) gained 1.4%.
Goldman Sachs (GS) gained 3.4% while American Express (AXP) added 2%, helping financials finish almost 1.4% higher. JPMorgan Chase (JPM) rose 1.5%.
Industrials rose 1.3%, pulled higher by Boeing's (BA) 2.4% gain and Caterpillar's (CAT) 1.2% advance.
In corporate news, Big Lots (BIG) soared almost 32% after the retailer's quarterly loss came in narrower than expectations and sales slightly beat views.
The Dow Jones Industrial Average finished 1.2% higher to end the week more than 0.1% lower. The S&P 500 added almost 0.9% to close out the week up nearly 0.2%. The Nasdaq Composite gained 1% to finish the five-day period down 0.1%.
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