US STOCKS-S&P 500, Nasdaq set records on jobs data, trade headway

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* U.S. jobs growth in October slows less than expected
* Exxon rises after profit beat
* Dow up 1.11%, S&P 500 up 0.97%, Nasdaq up 1.13%

(Updates to market close)
By Chuck Mikolajczak
NEW YORK, Nov 1 (Reuters) - U.S. stocks rallied to close out
the trading week on Friday as the S&P 500 set a closing record
for the third time in five days after an upbeat U.S. jobs report
and data on Chinese manufacturing eased concerns about slowing
global growth.
Job growth slowed less than forecast in October, as a drag
from a strike at General Motors GM.N was made up for in other
areas of the labor market, while job gains in the prior two
months were stronger than previously thought. "A nice surprise, and also there were upwards revisions for
September and August," said Jeff Kravetz regional investment
strategist at U.S. Bank Wealth Management in Phoenix.
"To us that is an indication of the resiliency of the
economy this late in the cycle and for today that is what is
putting investors at ease and putting them on a risk-on mode
here."
The strong jobs number helped overshadow a report that
showed the manufacturing sector contracted for a third straight
month. Along with the S&P's new high, the Nasdaq eclipsed its July
closing record. The S&P has climbed for four straight weeks, its
longest streak since February, while the Nasdaq has gained in
five straight weeks as quarterly earnings have come in stronger
than anticipated and U.S.-China trade rhetoric has appeared to
be productive. The Dow sits less than 12 points from a closing
record.
Before the jobs report, sentiment was supported by data
showing China manufacturing activity unexpectedly expanded in
October, easing concerns about a slowdown in demand from the
world's second-largest economy as a result of U.S. tariffs.
The Dow Jones Industrial Average .DJI rose 300.86 points,
or 1.11%, to 27,347.09, the S&P 500 .SPX gained 29.36 points,
or 0.97%, to 3,066.92 and the Nasdaq Composite .IXIC added
94.04 points, or 1.13%, to 8,386.40.
For the week, the Dow rose 1.44%, the S&P 500 climbed 1.47%
and the Nasdaq rose 1.74%.
U.S.-China trade news remained supportive for stocks, as
Beijing's state-media Xinhua News Agency reported the two
countries have "reached consensus on principles." Earlier, U.S.
Commerce Secretary Wilbur Ross said the "phase one" trade pact
with China appeared to be in good shape.
About 76% of the 356 S&P 500 companies that have reported so
far have beaten profit estimates, according to Refinitiv data.
However, profit growth forecasts for the next four quarters
have been revised lower, even as expectations for a decline in
third-quarter earnings have shrunk to 0.8% from 2.2% at the
start of October.
Oil major Exxon Mobil Corp XOM.N rose 3.00% after it beat
recently lowered third-quarter profit expectations. The energy
sector .SPNY gained 2.50% as the best-performing S&P sector,
and oil prices jumped on trade deal progress.
Qorvo Inc QRVO.O jumped 20.23% after the Apple supplier
announced a $1 billion share buyback plan and forecast
third-quarter revenue above expectations. But Pinterest Inc PINS.N plunged 17.02% after the online
scrapbook company missed quarterly revenue
estimates.
Advancing issues outnumbered declining ones on the NYSE by a
2.81-to-1 ratio; on Nasdaq, a 2.86-to-1 ratio favored advancers.
The S&P 500 posted 44 new 52-week highs and two new lows;
the Nasdaq Composite recorded 113 new highs and 39 new lows.