Stocks work their way higher after positive jobs data

Stock markets pushed higher on Friday after data showing the US economy continued to add jobs at a steady clip despite turbulence from a trade war with China.

A better-than-expected 128,000 net new jobs in October showed demand for workers remained resilient despite President Donald Trump's protracted trade war with China, that has chilled investment and slowed the economy.

And gains in the prior months were revised up sharply and wages continued to climb, making the jobs picture even stronger.

"US stocks are higher in early action, with the markets gaining steam following a stronger-than-expected pace of job gains for October and favorably-revised September figures, which followed a relatively upbeat read on Chinese manufacturing activity," said analysts at the Charles Schwab brokerage.

On Wall Street, the broad-based S&P 500 moved into record territory shortly after trading began, while the tech-heavy Nasdaq was also not far off an all-time high.

"This barnstorming set of jobs numbers has jolted the dollar and US equities into life," said Samuel Fuller, director of Financial Markets Online.

"Coming so soon after (US Federal Reserve chief) Jerome Powell hinted that the Fed is to pause its interest rate cuts, the confirmation that America's job-creation engine is still running smoothly means any further rate cuts could now be months away."