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

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* 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 0.95%, S&P 0.75%, Nasdaq 0.74%

(Updates to early afternoon)
By Arjun Panchadar
Nov 1 (Reuters) - Wall Street's main indexes climbed on
Friday, as concerns over global growth were allayed by largely
upbeat U.S. jobs report and data out of China that showed
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 industrials sector .SPLRCI providing the
biggest boost.
The small-cap Russell 2000 .RUT rose 1.5% to hit its
highest level in one and a half months.
U.S. job growth slowed less than expected in October, a
Labor Department report showed, overshadowing 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,
easing 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 12:41 p.m. ET the Dow Jones Industrial Average .DJI was
up 256.53 points, or 0.95%, at 27,302.76, the S&P 500 .SPX was
up 22.66 points, or 0.75%, at 3,060.22 and the Nasdaq Composite
.IXIC was up 61.74 points, or 0.74%, at 8,354.10.
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.
Among stocks, oil major Exxon Mobil Corp XOM.N rose 2%
after it beat recently lowered third-quarter profit
expectations. The energy sector .SPNY gained more than 1.89%, rising the
most among S&P sectors.
Qorvo Inc QRVO.O jumped 18.2% after the Apple supplier
announced a $1 billion share buyback plan and forecast
third-quarter revenue above expectations. Pinterest Inc PINS.N tumbled 17.8% after the online
scrapbook company missed quarterly revenue
estimates. Arista Networks Inc ANET.N slumped 23.5% after the cloud
infrastructure supplier forecast current-quarter revenue much
below Wall Street expectations.
Advancing issues outnumbered decliners by a 2.58-to-1 ratio
on the NYSE and a 3.00-to-1 ratio on the Nasdaq.
The S&P index recorded 37 new 52-week highs and two new
lows, while the Nasdaq recorded 82 new highs and 28 new lows.