Dow, S&P 500 Strengthen After Obama Speaks; Nasdaq Dips on Apple

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Economists were expecting an addition of 125,000 jobs.

The manufacturing, retailing, leisure and hospitality, and temporary-help industries were hit particularly hard by the storm, according to the report.

"Abstracting from the storm, the job market turned in a good performance during the month," said Mark Zandi, chief economist of Moody's Analytics, in a press release. "This is especially impressive given the uncertainty created by the Presidential election and the fast-approaching fiscal cliff. Businesses appear to be holding firm on their hiring and firing decisions."

The ISM Non-Manufacturing Index showed an increase to 54.7 in November from 54.2 in October, indicating continued growth at a slightly faster rate in the non-manufacturing sector. The consensus called for a print of 53.5.

However, the employment index in the ISM report decreased by 4.6 points to 50.3, pointing to growth in employment for the fourth straight month but at a slower rate.

The Census Bureau reported that factory orders rose 0.8% in October after increasing by a downwardly revised 4.5% in September. Economists were expecting the report to come in flat.

The Bureau of Labor Statistics said that nonfarm labor productivity in the third quarter rose 2.9% after the previously reported increase of 1.9%. Economists predicted a 2.7% rise.

In advance of China's central economic planning talks this month, the new Chinese Communist Party chief, Xi Jinping, said more infrastructure investment, tax reform and giving the market a greater role in setting prices were among the top issues to address. Also, China's regulators said they have eradicated a rule limiting insurers' investments in commercial banks.

Premier-in-waiting Li Keqiang recently said urbanization would be one of the biggest engines of Chinese economic growth over the next decade.

Gold for February delivery shed $2 to settle at $1,693.80 an ounce at the Comex division of the New York Mercantile Exchange, while January crude oil contracts fell 62 cents to settle at $87.88 a barrel.

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The benchmark 10-year Treasury climbed 4/32 to dilute the yield to 1.595%. The dollar was up 0.18%, according to the U.S. dollar index .

In corporate news, Freeport McMoRan (FCX) shares plunged 16% after the mining giant said it is acquiring Plains Exploration & Production (PXP) and McMoRan Exploration ( MMR ) in transactions totaling $20 billion.

Freeport will acquire Plains for about $6.9 billion in cash and stock and McMoRan for roughly $3.4 billion in cash, or $2.1 billion net of 36% of the McMoRan interests currently owned by Freeport and Plains. Upon closing, McMoRan Exploration shareholders will also receive a distribution of units in a royalty trust.

Plains shares soared 23% and McMoRan Exploration shares jumped 87%.

Citigroup (C) shares tacked on 6.3% as the company announced that it is taking a series of "repositioning actions," which includes a reduction of more than 11,000 positions as it looks to continue to cut expenses and improve efficiency.