Investing.com -- U.S. stocks soared more than 2% erasing all of their losses from the previous day's sell-off, as the release of a strong monthly jobs report possibly solidified an interest rate hike by the Federal Reserve later this month.
On Friday morning, the U.S. Department of Labor reported that nonfarm payrolls in November increased by 211,000 on a monthly basis, following a robust report a month earlier that firmly placed December lift-off from the Fed on the table. Investors received further evidence of considerable improvements in the labor market when the Labor Department revised gains from October by 27,000 to 298,000. The unemployment rate remained steady at 5.0%.
The Dow Jones Industrial Average surged 369.96 or 2.17% to 17,847.63, finishing with one of its strongest one-day moves in three months. It came one day after the Dow fell as much as 300 points after European Central Bank president Mario Draghi spooked markets worldwide by implementing limited easing measures at a closely-watched meeting. The NASDAQ Composite index also posted solid gains on the day gaining 104.74 or 2.08% to 5,142.27.
The S&P 500 Composite index, meanwhile, added 42.07 or 2.05% to 2,091.69, as nine of 10 sectors closed in the green. Stocks in the Health Care, Financials and Telecommunications industries led, each gaining more than 2% on the session. Stocks in the energy sector lagged. The S&P closed the week with one of its best single day moves in nearly two months.
The top performer on the Dow was Apple Inc (O:AAPL), which gained 3.81 or 3.31% to 119.01, after iPhone supplier Avago Technologies topped analysts' forecasts with its per share earnings. The worst performer was Exxon Mobil Corporation (N:XOM), after OPEC failed to place a cap on its production ceiling at its semiannual meeting in Vienna. Had the world's largest oil cartel unveiled a plan to curb output, energy stocks potentially could have received a considerable boost with a resulting spike in crude prices. Shares in ExxonMobil (N:XOM) inched up 0.36% to 78.69.
The biggest gainer on the NASDAQ was semiconductor manufacturer Skyworks Solutions Inc (O:SWKS), which rose 4.63 or 5.55% to 88.07 following the reports surrounding Avago Technologies. The worst performer was Keurig Green Mountain Inc (O:GMCR), which fell 2.66 or 4.90% to 51.64. Shares in the major coffee company have plunged more than 60% over the last 12 months.
The top performer on the S&P 500 was Newmont Mining Corporation (N:NEM), which jumped 1.63 or 8.70% to close at 20.36, as global commodities rebounded on Friday. In the futures market, both gold and silver soared by more than 2% in Friday's session after the dollar rebounded from its biggest loss of the year on Thursday. The worst performer was NRG Energy Inc (N:NRG), which plummeted more than 15% one day after CEO David Crane resigned in the face of the utility's persistent stock woes.
On the New York Stock Exchange, advancing issues outnumbered declining ones by a 2,010 to 1,052 margin.