(Reuters) – The New York Stock Exchange opened higher on Friday, reassured by the results of online commerce giant Amazon and by a stable unemployment rate in October in the United States, despite job creation well below estimates due to the impact of strikes and hurricanes.

In early trading, the Dow Jones index gained 199.46 points, or 0.48%, to 41,962.92 points and the broader Standard & Poor’s 500 rose 0.41% to 5,728.87 points.

The Nasdaq Composite, which gained 0.52%, or 93.71 points to 18,188.86, rebounded after recent fears about the costs of investments in artificial intelligence (AI).

A Labor Department report released before the stock market opened Friday showed that U.S. employment growth slowed sharply in October, due in part to disruptions from hurricanes and strikes, but the rate of stable unemployment reassures investors about the good health of the labor market before the American presidential election next Tuesday.

The Labor Department’s monthly report on Friday showed 12,000 non-agricultural jobs created last month in the United States, while economists polled by Reuters forecast an average of 113,000.

This data, which led to a sharp drop in US bond yields, should not, however, change bets on the Federal Reserve’s next interest rate decision.

Analysts had expected the employment numbers to be weak, with the effects of recent hurricanes in Florida and North Carolina and strikes in the aerospace industry and three hotel chains complicating interpretation of the numbers.

“The employment situation is opaque. The effects of the hurricane are difficult to quantify, so most people will see these numbers and ignore them,” said Brian Jacobsen, chief economist at Annex Wealth Management.

However, he stressed that the data from previous months had been subject to significant revisions, which should not be overlooked.

According to the CME’s FedWatch tool, the likelihood that the Fed will cut rates by 25 basis points (bps) at its meeting on November 6-7 is now almost certain, with a probability of around 100%, up from 93%. just before the data was published.

In terms of values, Amazon soared 7.2% after the publication Thursday evening of its quarterly results above expectations, which reassured the markets after having expressed caution earlier this year.

Apple, on the other hand, fell by 1.7%, as investors worried about a drop in sales in China although its quarterly turnover exceeded expectations.

Chevron and Exxon advance by 3.8% and 1.5 respectively after the publication of their quarterly results.

(Writing by Diana Mandiá, editing by Kate Entringer)

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