Stocks closed out the week higher after a strong jobs report lifted stocks on Friday. Bobbi Rebell reports.
Markets cheering the latest jobs report. The Dow surging more than 300 points on solid payroll gains in November. Friday's strong finish capping off a great week for stocks, all arrows up. 211,000 new jobs were created last month, beating forecasts. And September and October's figures were upwardly revised. Wages were up slightly as well. The data paving the way for the Fed to likely raise interest rates this month for the first time in nearly a decade. Wells Fargo's John Manley: SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO FUNDS (ENGLISH) SAYING: "I think the stock market is very happy. I mean, the stock market's seeing, they've pretty much made up their mind yesterday that rates were going up now we see justification for it. The Fed's now ahead of the game." Oil dipped to slightly above $40 a barrel as OPEC, faced with a global supply glut, failed to agree to a production ceiling. Ongoing reports of an E. coli outbreak are plaguing Chipotle Mexican Grill. Shares fell on reports that three more states have reported illnesses, bringing the total to nine since October. In the latest chapter of a long running legal battle, Samsung says it will pay Apple $548 million for infringing its rival's patents and designs. Apple's shares on the rise. Eli Lilly's stock also higher after the drugmaker said it would end development of a potential diabetes treatment. It said clinical trials proved inconclusive. Norfolk Southern rejected a more than $28 billion takeover offer by Canadian Pacific calling it "grossly inadequate" and expressed concerns abbot regulatory approval. Shares posted a sharp loss. In Europe, stocks closed at the lowest level in three weeks led by a slide in energy shares.