The Dow Jones Industrial Average (DJINDICES:^DJI) had risen more than 61 points as of 11:30 a.m. EDT, standing just over 100 points away from the 17,000 mark. Intel (NASDAQ:INTC) was one of the Dow Jones' best-performing components, while other tech stocks, notably Chinese Internet giants JD.com (NASDAQ:JD) and Baidu (NASDAQ:BIDU), also experienced notable moves to the upside.
Adding more jobs
The Bureau of Labor Statistics on Friday said the U.S. economy added 217,000 jobs last month, just a hair less than the 218,000 that economists had expected.
Although unemployment is still elevated, remaining at 6.3% in May, a stronger labor market is a positive sign for the U.S. economy, and by extension, its stock market.
Intel aims to eliminate wires
Intel was outperforming the Dow Jones on Friday, rising more than 1.5% in early trading. The chip giant has had a strong week for product announcements, possibly exciting investors who expect the company to succeed in a more mobile-focused computing space.
Earlier this week, Intel unveiled a new reference design that would enable its OEM partners to build devices that combine the best features of tablets and Ultrabooks. On Wednesday, it set an ambitious goal to eliminate PC wires entirely within the next two years (power and other cables would be replaced with wireless solutions).
JD.com continues to rally
Recent IPO JD.com continues to move higher, rising more than 3.6% Friday morning. On Thursday, the e-commerce company rallied after it announced a successful push into Chinese social media. Embedded links in WeChat, a popular messaging platform, produced elevated transaction volume, according to the company.
WeChat is owned by Tencent, another Chinese tech giant that owns a minority stake in JD.com. That tie-up is looking fruitful for JD.com, and therefore its investors, who may have carried the momentum from Thursday into Friday.
Of course, the move is hardly surprising in light of the fact that JD.com has become something of a momentum stock. Since its IPO less than one month ago, shares of JD.com are up nearly 30%.
Baidu moves higher
Shares of Baidu, another Chinese Internet giant, rose more than 3% Friday. There wasn't much news to explain Baidu's rally. Like JD.com, Baidu is prone to wild moves -- over the last 12 months, it has swung between a high of $189 and a low of $88.
It was likely moving higher on Friday in tandem with JD.com. Indeed, most Chinese Internet stocks were rising on Friday, though JD.com and Baidu were the best performers.
Sam Mattera has no position in any stocks mentioned. The Motley Fool recommends Baidu and Intel. The Motley Fool owns shares of Baidu and Intel. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Does a Strong Start Make 2018 a Sure Winner for Stocks?
Find out whether the so-called "January effect" is real.
Meet the 2018 Dogs of the Dow
Learn the basics of this simple dividend-investing strategy.
The Dow's Worst Day in 2017
Even with big gains, there were some scary times for the average.