U.S. stocks rallied to record levels on Friday after the October jobs report came in better than expected, boosting optimism about the economic recovery. "Markets are cheering a much better than expected jobs report this morning as nonfarm payrolls smashed expectations," said Cliff Hodge, chief investment officer at Cornerstone Wealth. The Dow rose 1.4% this week, while the Nasdaq rallied nearly 3.1% for its best weekly performance since early April. Pfizer shares surged nearly 11% after the company said its Covid-19 drug, used with an HIV drug, cut the risk of hospitalization by 89%. "Alongside the Pfizer COVID pill news, this strong [jobs] report should ease some of the supply chain problems and that will make some investors embrace the reopening trade."
