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U.S. stocks rally after jobs report

Xinhua, December 6, 2016 Adjust font size:

U.S. stocks traded higher in the morning session Monday as investors continued to digest the country's stronger-than-expected jobs report.

By midday, the Dow Jones Industrial Average rose 76.08 points, or 0.40 percent, to 19,246.50. The S&P 500 added 13.44 points, or 0.61 percent, to 2,205.39. The Nasdaq Composite Index increased 48.94 points, or 0.93 percent, to 5,304.59.

U.S. total nonfarm payroll employment increased by 178,000 in November, and the unemployment rate declined to 4.6 percent, the lowest level in nine years, announced the Labor Department Friday.

Analysts said the better-than-expected jobs data might strengthen the case for an interest rate hike later this month.

Meanwhile, New York Federal Reserve President William Dudley said Monday that he backs measured rate hikes if the U.S. economy stays on its current trajectory, according to the CNBC.

According to the CME Group's FedWatch tool Monday, market expectations for a December rate hike were 92.7 percent.

On other economic news, the Non-Manufacturing Index, which measures activity in the U.S. service sector, registered 57.2 percent in November, 2.4 percentage points higher than the October reading and beating market consensus, the Institute for Supply Management (ISM) said in its monthly survey Monday.

Investors also kept a close eye on a key referendum in Italy. According to local media, "No" votes were at 59 percent and the "Yes" at 41 percent.

Italian Prime Minister Matteo Renzi on Monday announced his resignation after the defeat in Sunday's constitutional reform referendum. Renzi's defeat dealt a blow to the European Union which is already struggling to overcome a number of crises including the Greek debt problem and Brexit. Enditem