Financial stocks got a big lift in premarket trading Friday, as much stronger-than-expected November jobs data provided a boost to the sector and the broader stock market. The SPDR Financial Select Sector ETF XLF, +1.34% rallied 1.1%, after trading unchanged just before the data.
Among the sector tracker’s heavily weighted components, gains in the shares of Bank of America Corp. BAC, +1.75% increased to 2.0% from 0.4%, Citigroup Inc. C, +1.47% to 1.7% from 0.3%, J.P. Morgan Chase & Co. JPM, +1.49% to 1.3% from less than 0.1% and Goldman Sachs Group Inc. GS, +3.44% to 1.3% from 0.3%.
The U.S. Labor Department reported that nonfarm payrolls increased by 266,000 jobs in November and the unemployment rate returned to a 50-year low of 3.5% from 3.6%, compared with expectations of 180,000 jobs. Gains in the SPDR S&P 500 ETF SPY, +0.91% to 0.7% from 0.2%, the SPDR Dow Jones Industrial Average ETF DIA, +1.20% to 0.7% from 0.1% and the Invesco QQQ ETF QQQ, +1.07% to 0.8% from 0.2%.