NEW YORK: Wall Street stocks surged higher on Friday following a strong US jobs report, with petroleum-linked equities especially buoyant after an OPEC agreement to cut output.
Quincy Krosby, chief market strategist at Prudential Financial, said investors were heartened at higher manufacturing employment following the end of the General Motors strike and that the report in general was strong enough"to assuage fears that the economy was slowing."The broad-based S&P 500 gained 28.48 points to 3,145.91, while the tech-rich Nasdaq Composite Index advanced 85.83 points to 8,656.53.
Among individual companies, Uber Technologies dropped 2.7 per cent as it disclosed that it had tallied nearly 6,000 sexual assaults in the United States over the past couple of years, including more than 450 cases of rape.