Economics

Wall Street Scraps Recession Assumptions After Robust Jobs Data

U.S. payrolls rise 266,000 in November, topping all estimates
Stock futures jump as unemployment rate falls to 3.5%

Monitors display stock market information as pedestrians are reflected in a window at the Nasdaq MarketSite in the Times Square area of New York.Photographer: Michael Nagle/Bloomberg

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By Vildana Hajric and Sarah Ponczek

December 6, 2019 at 1:56 PM UTC

Updated on

December 6, 2019 at 2:03 PM UTC

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Between a strong economy and ammunition for more Federal Reserve rate cuts, investors showed they are happy to live with the former Friday, bidding up equities after the biggest addition to U.S. payrolls in 10 months. S&P 500 futures were pointing to gains that are likely to lift the cash index’s total return in 2019 above 27% after 266,000 jobs were added in November, October was revised upward and the unemployment rate fell to 3.5%.