The S&P 500 and Nasdaq Composite closed at new highs Friday after a strong October jobs report reassured investors about the pace of growth.

The U.S. economy added 128,000 jobs in October, topping expectations for 75,000 payrolls, Labor Department data showed. The figures suggest the job market remains robust, despite recent labor strikes at General Motors and the long-simmering trade war between the U.S. and China. The jobless rate ticked up to 3.6% last month from its 50-year low of 3.5% in September.

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