Stocks hit records as jobs report calms trade worries

NEW YORK — Stocks powered to records Friday after an encouraging jobs report gave reassurance that the economy is still solid, despite the pain U.S. factories are feeling from President Donald Trump’s trade war.

The Labor Department’s report showed that employers added more jobs in October than economists expected, and hiring was stronger in prior months than previously thought. The numbers were encouraging enough for investors to overlook yet another report showing U.S. manufacturing is weakening more than expected.

The S&P 500 rose 29.35 points to 3,066.91 and set an all-time high for the third time this week. The Nasdaq composite gained 94.04 to 8,386.40 and clinched a record for the first time since July. The Dow gained 301.13 to 27,347.36. It’s within 12 points of the record it set in July.

Together, Friday’s reports solidified Wall Street’s view that the economy is nestled in a sweet spot for markets. The job market is strong enough to encourage spending by households. That can hopefully make up for the downturn in investment by businesses, as CEOs hold off on spending given all the uncertainty about global trade.

Google buys Fitbit for $2.1 billion

Google, the company that helped make it fun to just sit around surfing the web, is jumping into the fitness-tracker business, buying Fitbit for about $2.1 billion.

The deal could put Google in direct competition with Apple and Samsung in the highly competitive market for smartwatches and other wearable electronics. But it also raises questions about privacy and Google’s dominance in the tech industry.

The company’s announcement Friday came with a promise that it won’t sell ads using the intimate health data that Fitbit devices collect.

Fitbit is a pioneer in wearable fitness technology, making a range of devices, from basic trackers that count how many steps you take each day to smartwatches that display messages and notifications from phones.