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1st LD Writethru: U.S. stocks end mixed amid strong jobs report

Xinhua, November 7, 2015 Adjust font size:

U.S. stocks closed mixed after wavering in a tight range Friday, as a much-better-than-expected jobs report for October bolstered the case for a December rate hike by the U.S. Federal Reserve.

The Dow Jones Industrial Average rose 46.90 points, or 0.26 percent, to 17,910.33. The S&P 500 edged down 0.73 point, or 0.03 percent, to 2,099.20. The Nasdaq Composite Index gained 19.38 points, or 0.38 percent, to 5,147.12.

U.S. total nonfarm payroll employment increased by 271,000 in October, soundly beating market estimates, and the unemployment rate was unchanged at 5.0 percent, the U.S. Labor Department said Friday.

Average hourly earnings for all employees on private nonfarm payrolls rose by 9 cents to 25.20 U.S. dollars, also above market consensus.

"The overriding message from today's employment report is the soft patch is over and the rate hike is on," said Chris Low, chief economist at FTN Financial. "We have to conclude a rate hike is coming (on) December 16 unless remaining data releases undermine the message from today's employment report."

Chicago Fed President Charles Evans, a voting member of the Federal Open Market Committee, the U.S. Federal Reserve's policy-making arm, said Friday that the report was "very good news" and that strong jobs growth would help push up inflation.

U.S. Fed Chair Janet Yellen reiterated earlier this week that the central bank may decide to raise short-term interest rates at its December policy meeting if the U.S. economy is "performing well."

Overseas, European equities also finished mixed after the U.S. jobs report Friday. Germany's benchmark DAX index at Frankfurt Stock Exchange rose 0.92 percent, while British benchmark FTSE 100 Index fell 0.17 percent.

In Asia, Chinese shares surged for the third straight day Friday, with the benchmark Shanghai Composite Index jumping 1.91 percent to hit 3,590.03, the highest since Aug. 21.

Chinese stocks performed well this week, after market sentiment was bolstered by the recent announcement of proposals for China's development blueprint for the next five years.

In a weekly basis, all three major indices extended their gains into a sixth straight week, with the Dow, the S&P 500 and the Nasdaq up 1.4 percent, 1.0 percent and 1.8 percent, respectively. Endit