US STOCKS-S&P 500, Nasdaq hit record high on U.S. jobs report, China data

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* U.S. jobs growth in Oct. slows less than expected
* Qorvo jumps on $1 bln share buyback, rosy forecast
* Exxon rises after profit beat
* Pinterest slumps as revenue misses estimates
* Indexes up: Dow 0.93%, S&P 0.76%, Nasdaq 0.86%

(Changes quote, adds details; Updates prices)
By Arjun Panchadar
Nov 1 (Reuters) - Wall Street's main indexes advanced on
Friday, as investors took comfort from data that showed U.S.
jobs growth slowed less than expected in October and China's
factory activity expanded at its fastest pace in more than two
years.
The tech-heavy Nasdaq .IXIC hit a record high for the
first time since July, while the benchmark S&P 500 .SPX
notched its fourth record high this week.
Both the indexes logged their best month in four in October
after an upbeat start to the third-quarter earnings season and a
largely positive U.S.-China trade rhetoric.
Eight of the 11 major S&P 500 sectors were trading higher on
Friday, with the technology sector .SPLRCT , led by Apple Inc
AAPL.O , providing the biggest boost.
The Labor Department's closely watched monthly employment
report also showed hiring in the prior two months was stronger
than previously estimated, offering some assurance that
consumers would continue to support the slowing economy.
The largely positive jobs report helped eclipse the impact
of data showing a contraction in the manufacturing sector for
the third straight month. "Investors are back in the glass-is-half-full mode," said
Michael Geraghty, equity strategist at Cornerstone Capital
Group. "(They) are looking past the ISM and focusing more on the
better than expected labor report this morning."
Earlier in the day, sentiment was supported by data showing
China manufacturing activity unexpectedly expanded in October,
alleviating concerns about a slowdown in demand from the world's
second largest economy as a result of U.S. tariffs. On the trade front, U.S. Commerce Secretary Wilbur Ross said
the initial "phase one" trade pact with China appears to be in
good shape and is likely to be signed around mid-November,
although a finite date is still in question. At 11:24 a.m. ET the Dow Jones Industrial Average .DJI was
up 251.81 points, or 0.93%, at 27,298.04, the S&P 500 .SPX was
up 23.09 points, or 0.76%, at 3,060.65 and the Nasdaq Composite
.IXIC was up 71.30 points, or 0.86%, at 8,363.66.
Among stocks, oil major Exxon Mobil Corp XOM.N rose 2.5%
after it beat recently lowered third-quarter profit
expectations. The energy sector .SPSY gained more than 2%, rising the
most among S&P sectors.
Qorvo Inc QRVO.O jumped 18% after the Apple supplier
announced a $1 billion share buyback plan and forecast
third-quarter revenue above expectations. Pinterest Inc PINS.N tumbled 21% after the online
scrapbook company missed quarterly revenue
estimates. Arista Networks Inc ANET.N slumped 24% after the cloud
infrastructure supplier forecast current-quarter revenue much
below Wall Street expectations.
Advancing issues outnumbered decliners by a 2.91-to-1 ratio
on the NYSE and a 3.34-to-1 ratio on the Nasdaq.
The S&P index recorded 35 new 52-week highs and two new
lows, while the Nasdaq recorded 71 new highs and 23 new lows.