NEW YORK, Dec 6 — Wall Street stocks rose back into record territory early today following a blowout November jobs report that reassured on the US economy.

US firms added a massive 266,000 net new positions last month, shattering economists’ expectations, while the jobless rate fell a tenth of a point to 3.5 per cent, matching a 50-year low.

Hiring rose at hospitals, hotels and schools, according to the report, which also showed a boost from the return to work by General Motors after a lengthy strike.

RDQ Economics called the report “strong” and said it strengthened the odds that Federal Reserve central bankers next week “can comfortably signal again that policy is on hold.”

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About 15 minutes into trading, the Dow Jones Industrial Average was up one per cent at 27,950.78.

The broad-based S&P 500 climbed 0.9 per cent to 3,144.72, while the tech-rich Nasdaq Composite Index also gained 0.9 per cent to 8,651.37. 

Both the S&P 500 and Nasdaq were above their all-time closing highs.

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US stocks have been choppy this week on shifting sentiment on the prospect of a US-China trade deal.

Petroleum-linked companies ConocoPhillips and Halliburton both rose more than one per cent as Opec announced it would cut production by 500,000 barrels a day more than under prior policy in a bid to boost crude prices. — AFP