* U.S. employers hire more in October than expected
* LinkedIn shares jump after earnings
* Starbucks raises outlook, U.S. beats expectation
* S&P 500 up 0.4 pct, Dow up 0.3 pct, Nasdaq up 0.2 pct
By Edward Krudy
NEW YORK, Nov 2 The S&P 500 climbed in early
trading Friday as U.S. employers stepped up hiring in October
and the jobless rate ticked higher as more workers restarted job
hunts, a hopeful sign for a lackluster economy.
Employers added 171,000 people to their payrolls last month,
the Labor Department said on Friday. The government also said
84,000 more jobs were created in August and September than
"The number was better than expected," said Peter Cardillo,
chief market economist at Rockwell Global Capital, New York. "I
think (it's) still insufficient for any real turnaround in the
job market. I think the initial reaction is going to be mixed to
The Dow Jones industrial average gained 32.42 points,
or 0.25 percent, to 13,265.04. The Standard & Poor's 500 Index
rose 5.13 points, or 0.36 percent, to 1,432.72. The
Nasdaq Composite Index added 6.74 points, or 0.22
percent, to 3,026.80.
The latest jobs report, which is the last one before the
U.S. presidential election on Tuesday, could boost President
Obama's fortunes at the ballot box.
The S&P 500 is on track for its best weekly gains since the
week ended Sept. 16, and enjoyed its best day since Sept. 13
Thursday, as bullish consumer confidence and private-sector jobs
data gave investors reason to cheer following superstorm Sandy's
devastating sweep through the U.S. Northeast.
Still, the index is down over 2 percent from a recent peak
in September and below its 50-day moving average as investors
grow cautious ahead of the election and tough government budget
negotiations at the end of the year.
Starbucks Corp jumped 9.8 percent to $51.19 after
raising its profit forecast for the fiscal year as sales in its
top market of the United States beat expectations, providing the
company optimism that has eluded much of the U.S. restaurant
industry in recent months.
Professional social network LinkedIn Corp beat Wall
Street's third-quarter profit and revenue targets, as
advertising rates increased and sales from its hiring services
nearly doubled. The shares rose nearly 3 percent to $109.95.
From New York City's Staten Island to the popular beach
towns of the Jersey Shore, rescuers and officials continued to
face widespread destruction Friday wrought by superstorm Sandy,
a rising death toll, and mounting anger over delayed relief and
Verizon may take another two weeks to restore
telecommunication services for its customers after flooding and
power outages knocked out services during superstorm Sandy,
according to a top executive at the company. The stock rose 0.2
percent to $45.25.
Newmont Mining Corp,, the world's second-largest
gold producer, reported a lower-than-expected quarterly profit
as output slumped and costs soared at its big Batu Hijau copper
and gold mine in Indonesia. The stock fell 4.4 percent to