NEW YORK (AP) — U.S. stocks are nearing their records after data suggested the job market remains solid enough to keep the economy going, but not so strong that it raises immediate worries about inflation. The S&P 500 added 0.3% Friday and was just above its all-time high set on Wednesday. The Dow Jones Industrial Average rose 92 points, and the Nasdaq composite climbed 0.3%. Treasury yields also fell, and expectations rose among traders that the Federal Reserve will cut interest rates again at its next meeting in two weeks after the jobs report showed stronger hiring than expected but also an uptick in the unemployment rate.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
Trading on Wall Street is muted early Friday following the release of the U.S. jobs report report for November.
Futures for the S&P 500 and the Dow Jones Industrial Average both rose less than 0.1% before the bell.
A handful of companies reported strong earnings before the bell, including athletic wear and yoga gear company Lululemon, which jumped more than 9% after it reported third-quarter profit that surpassed Wall Street expectations.
Ulta Beauty, the mall-based makeup and skin care retailer, climbed more than 11% after it posted strong third-quarter earnings, including profits that easily beat analysts’ projections.
Docusign jumped 14% overnight after the electronic signature technology company’s reported an 8% jump in third-quarter sales that boosted profits above expectations.
Also before the bell, the Labor Department released job numbers for last month showing a strong rebound with 227,000 workers added after the effects of strikes and hurricanes sharply diminished employers payrolls in October.
The U.S. labor market and broader economy have held up better than most economists expected in an era of elevated interest rates. Layoffs are low and job openings remain plentiful.
Solid consumer spending has helped the U.S. economy avoid a recession that had seemed inevitable after the Federal Reserve hiked interest rates to crush inflation.
Expectations are high that the Fed will cut its main interest rate again when it meets before Christmas. The Fed began easing its main interest rate from a two-decade high in September, hoping to offer more support for the job market.
In Europe at midday, France’s CAC 40 surged 1.5% after French President Emmanuel Macron announced that he plans to stay in office until the end of his term and to name a new prime minister within days.
This comes after far-right and left-wing lawmakers approved a no-confidence motion due to budget disputes, forcing Prime Minister Michel Barnier and his Cabinet to resign.