The major stock indexes finished the day above their 50-day moving averages, although they came off their highs for the day at the closing bell. Stocks were boosted by a soft October payrolls report, which showed an increase of 150,000 jobs, lower than expected. The small-cap Russell 2000 outperformed, surging 2.7%, while the Nasdaq led with a 1.4% rise. Apple was one of the Dow stocks that lagged, reporting a decline in sales for the fourth consecutive quarter. Cardinal Health and Ferrari both saw gains after positive earnings reports.
In other stock news, NetEase and DraftKings broke out of flat bases, and Expedia gapped up above its 50-and 200-day moving averages after strong Q3 earnings. Fluor and Insulet also saw gains after posting positive results. However, Fortinet plunged more than 12% after decelerating sales and earnings. Berkshire Hathaway is expected to report quarterly results over the weekend, with operating earnings likely to rise. Several stocks in the IBD 50 are near buy points, including Copart, Medpace, and Adobe.
Overall, the stock market finished the day strong, with stocks being boosted by the soft payrolls report. Positive earnings reports from various companies also contributed to the rise in stock prices.
