Stocks end week at record highs after stronger than expected U.S. jobs report Stocks were tracking for a higher open in pre-market trading following firmer than feared PMIs from China and Europe and the move was solidified after the better than expected October jobs report. Following the data, Federal Reserve Vice Chairman Richard Clarida called the jobs report "very solid" and reiterated Fed Chair Powell's call from earlier in the week that the economy and monetary policy are in a "good place." The S&P 500 is closing the week out at a new lifetime high with another busy week of earnings ahead. ECONOMIC EVENTS: In the U.S., October nonfarm payrolls increased 128,000 from an upwardly revised 180,000 gain in September, which was significantly better than expected. The unemployment rate inched up to 3.6% from 3.5% previously. Average hourly earnings were up 0.2% on a month-over-month basis and showed steady 3.0% year-over-year growth. Markit's final PMI for October edged up 0.2 ticks to 51.3 from last month but down 0.2 from the flash reading of 51.5. The ISM manufacturing index rose 0.5 points in October to 48.3, though that was a little below forecast. Construction spending rose 0.5% in September, which was a little better than expected. In energy news, Baker Hughes reported that the U.S. rig count is down 8 rigs from last week to 822. In trade news, CNBC's Yun Li reported that China said it has reached a consensus in principle with the U.S. on core trade concerns after a phone call among high-level trade negotiators this week. TOP NEWS: Shares of Fitbit (FIT) jumped 15% to close at $7.12 after the fitness tracker maker announced that it has agreed to be acquired by Google (GOOG, GOOGL) for $7.35 per share in cash, valuing the company at a fully diluted equity value of approximately $2.1B. James Park, co-founder and CEO of Fitbit, called Google an "ideal partner," adding that "with Google’s resources and global platform, Fitbit will be able to accelerate innovation in the wearables category, scale faster, and make health even more accessible to everyone." Exxon Mobil (XOM) shares rose 3% after the integrated energy giant reported better than expected revenue and earnings for the third quarter amid a 3% increase in production. Super-major peer Chevron (CVX) similarly reported worldwide net oil-equivalent production rose 3% from a year earlier, but its revenue and earnings missed expectations. Chinese e-commerce titan Alibaba (BABA) reported quarterly earnings and revenue that topped consensus forecasts. After Pinterest (PINS) reported Q3 sales below expectations and gave fiscal 2019 guidance that implies a slowdown, Pivotal Research analyst Michael Levine downgraded the stock, saying that he "got this one DEAD wrong" after the company's prior quarterly report. Meanwhile, DA Davidson analyst Tom Forte upgraded Pinterest, saying that given Pinterest's "attractive" growth profile, the stock decline offers investors a "Halloween treat." Investors appear to be with most of Wall Street in the bearish camp, as the stock fell 17%. Meanwhile, Capital One (COF) was in focus after it said via Twitter that it is experiencing a technical issue impacting customer money movement, adding that it is "actively working to resolve the issue." MAJOR MOVERS: Among the noteworthy gainers was BeiGene (BGNE), which surged 37% after it announced a strategic collaboration with Amgen (AMGN) that will see the latter take a 20% stake in the company. Also higher were El Pollo Loco (LOCO), U.S. Steel (X), and NeoPhotonics (NPTN), which gained a respective 29%, 15%, and 21% after reporting quarterly results. Among the notable losers was Arista Networks (ANET), which plunged 24% after reporting quarterly results and providing weaker than expected revenue guidance for the fourth quarter. A number of Wall Street firms - including JPMorgan, Credit Suisse, Stifel, KeyBanc, Oppenheimer, Needham, BofA Merrill Lynch and Goldman Sachs - lowered their ratings on the stock on the heels of the report. Also lower after reporting quarterly results were Casa Systems (CASA) and Avis Budget (CAR), which fell 36% and 7%, respectively. INDEXES: The Dow rose 301.13, or 1.11%, to 27,347.36 , the Nasdaq gained 94.04, or 1.13%, to 8,386.40 , and the S&P 500 advanced 29.35, or 0.97%, to 3,066.91 . Symbols: $FIT $GOOG $GOOGL $XOM $CVX $BABA $PINS $COF $BGNE $AMGN $LOCO $X $NPTN $ANET $CASA $CARSource: (thefly.com)Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. 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