Stocks jump on solid jobs report; energy sector falls
The Labor Department said employers added 211,000 jobs in November, with big gains in the construction and retail industries.
Hiring remains robust, and the U.S. economy continues to benefit from steady consumer spending even though manufacturers are feeling pain from low oil prices and weak demand overseas.
Investors expect the Fed to raise interest rates at its December meeting, and a poor jobs report appeared to be the only thing that could have prevented it from doing so.
Luke Bartholomew, investment manager Aberdeen Capital Management, said it was almost a foregone conclusion that the Fed will raise interest rates in December.
OPEC decided not to cut oil production in order to raise prices.
Natural gas prices were holding steady Friday, but companies that drill for natural gas were pummeled.
Stephen Schork, an independent analyst and trader, said that's because weather throughout much of the U.S. remains warm, meaning Americans aren't using as much energy to heat their homes.
Avon Products surged as multiple media reports said the beauty products company is considering selling its North American business to private equity firm Cerberus Capital Management.
