The stock market shot upward Friday, following an unexpectedly strong surge in November job growth and the decline in unemployment to a 50-year low. Among major names, Dow stock Apple (AAPL) continued its strong climb, while Tesla (TSLA) stock just kept on trucking higher after an analyst raised estimates for the company's near-term performance.
XThe strong market gains came as the U.S. economy created 266,000 new jobs in November, more than twice what most analysts expected, and the unemployment rate tied a 50-year low of 3.5%.
The Dow Jones Industrial Average surged 1.2%, while the small-cap Russell 2000 index also jumped 1.2%. Not far behind were the Nasdaq, up 1%, and S&P 500, up 0.9%.
Volume on both major exchanges was mixed. NYSE trade expanded by 4% from Thursday, while Nasdaq volume fell about 3%, according to preliminary figures.
The 30-stock Dow was almost entirely green, with five stocks up 2% or more, including Boeing (BA), American Express (AXP), Dow Inc. (DOW), Goldman Sachs (GS) and 3M (MMM).
Among other Dow stocks, Apple hit another record high, rising 1.9%. Apple broke out of a flat base on Sept. 13, and since then has run up nearly 22%, making it eligible for profit-taking. The cellphone and entertainment giant rose on growing buzz over its line of products — including AirPods, Apple Watch and the iPhone 11 — for the holiday gift-giving season.
Along with Chevron (CVX), Exxon Mobil (XOM) rose about 1.5% as oil prices added another 1.3%. Oil prices firmed this week after U.S. oil inventories unexpectedly fell and OPEC announced a deal to cut output among its members and other producers.
Tesla stock, meanwhile, continued its comeback, rising 1.7%. A Morgan Stanley analyst raised his high-end price target for the stock, largely due to anticipated strong demand for Tesla's futuristic "Cybertruck." Also, Reuters reported that Tesla might get Chinese government subsidies to build its new Model 3 there.
Stock Market: IBD 50 Make Gains
A number of companies on the IBD 50 list of top growth stocks showed flashy gains.
Volatile Israeli-based medical products stock InMode (INMD) surged 8.8%. The August IPO fell over 15% from last Friday's close of 50.66 a share through Wednesday of this week. It recouped half of that loss in the final two days of trading this week.
Some cloud-based software creators also rebounded from recent sell-offs.
Paylocity Holding (PCTY) added 0.7% and remains slightly extended from its breakout from a lengthy cup base in mid-November.
Paycom Software (PAYC) rose 0.1%, staying in a buy zone after emerging from a cup formation on Nov. 20 above a 259.81 buy point.
Also, Veeva Systems (VEEV) gained nearly a half point in early trading, but ended down 0.3%. It remains stuck in the bottom half of a 21-week consolidation well below the 177 buy point.
Mortgage insurance provider NMI Holdings (NMIH) added 1.9%, as a bullish jobs report and still-low interest rates bolster its future prospects.
Among exchange traded funds, Innovator IBD 50 ETF (FFTY), an index fund that shadows the IBD 50, gained 0.7%.
Stocks On The Move: Big Winners
Meanwhile, a number of IBD's Stocks on the Move also showed impressive gains in the broader stock market.
Sports apparel retailer Zumiez (ZUMZ) gapped up 16.3% after reporting a Q3 EPS jump of 36% that handily beat Wall Street estimates. The stock broke out past a 34.25 entry. The share-price jump also pushed its relative strength line to an all-time high, a good sign for the breakout.
High-end furnishing and household goods retailer RH (RH) continued its impressive climb, adding 3.6% Friday after surging more than 13% on Thursday. The company this week raised its guidance on earnings and revenues, and increased its planned number of new stores.
Infrastructure builder Arcosa (ACA) gained 3%, rising above a 39.84 buy point from a cup base and into a buy zone. The company, with a 96 Composite Rating from IBD. From 2015 to 2018, the company's earnings per share shrank for 13 straight quarters. It began a turnaround in mid-2018, however, and since the EPS growth has averaged 23% a quarter.
Please follow Jones on Twitter at @IBD_TJones for more on growth stocks, financial markets and the economy.
YOU MAY ALSO LIKE:
Amid Dow Jones Rebound, These 4 Top Stocks Are In Or Near Buy Zones
Top Stocks Near Buy Zones With Stock Market Near All-Time Highs
