December 6, 2019 / 4:56 PM / 2 months ago

US STOCKS-Bumper jobs data, upbeat trade tone push Wall Street higher

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* U.S. nonfarm payrolls rise by the most in 10 months

* Ulta Beauty jumps on quarterly profit beat

* All 11 major S&P 500 sectors trading higher

* Indexes up: Dow 1.22%, S&P 500 1.04%, Nasdaq 0.99% (Adds comments, updates price action)

By Shreyashi Sanyal

Dec 6 (Reuters) - U.S. stocks jumped on Friday as a strong jobs report and upbeat comments from President Donald Trump on trade talks with China breathed new life into markets after a roller-coaster week.

Wall Street’s main indexes are inching closer to all-time highs hit last week, after being nudged off by mixed headlines on U.S.-China trade. The S&P 500 index is now set to end the week marginally higher.

A Labor Department report showed domestic job growth increased by the most in 10 months in November, aided by striking workers returning to General Motors’ payrolls and more hiring in the healthcare industry.

“After the sharp slowdown at the start of the year, the recent rebound in employment growth is clearly encouraging and suggests that the loosening in financial conditions this year is starting to support the economy,” said Andrew Hunter, senior U.S. economist at Capital Economics.

Global financial markets began the day on a strong note as Trump said trade discussions with China were “moving right along.” China said it will waive import tariffs for some soybeans and pork shipments from the United States, lifting the mood.

Meanwhile, White House economic adviser Larry Kudlow said the Dec. 15 deadline is still in place for a new round of tariffs on Chinese goods set to kick in, but Trump likes where trade talks are going.

U.S. Treasury yields also jumped after the robust jobs numbers, while bank stocks climbed 1.8%.

Trade-sensitive Philadelphia Semiconductor index gained 1.6%. The broader technology sector added 1%.

The Dow Jones Industrial Average was up 339.04 points, or 1.22%, at 28,016.83, the S&P 500 was up 32.57 points, or 1.04%, at 3,150.00 and the Nasdaq Composite was up 84.87 points, or 0.99%, at 8,655.57.

Ulta Beauty Inc jumped 13.2%, the most among S&P 500 companies, after the cosmetics retailer beat quarterly profit expectations.

3M Co gained 4% after a report said the company is exploring a sale of its drug delivery systems business, which could fetch about $1 billion.

Tesla Inc rose 2% after the electric vehicle maker said its Chinese-built Model 3 cars would receive state subsidies.

Advancing issues outnumbered decliners by a 3.52-to-1 ratio on the NYSE and by a 2.99-to-1 ratio on the Nasdaq.

The S&P index recorded 52 new 52-week highs and no new low, while the Nasdaq recorded 100 new highs and 31 new lows. (Reporting by Shreyashi Sanyal in Bengaluru; Editing by Maju Samuel and Arun Koyyur)

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