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Blue-chip stocks rose, capping their third consecutive weekly advance on a bullish note, after November job growth topped forecasts. The Dow Jones Industrial Average gained 81.09 points, or 0.6%, to 13155.13, closing near its high for the session. The Standard & Poor's 500-stock index rose 4.13 points, or 0.3%, to 1418.07. Materials shares led the gains, with nine of the index's 10 sectors advancing.

The technology group lagged behind as Apple, AAPL -2.56%the biggest U.S. company by market capitalization, fell $13.99, or 2.6%, to $533.25, resulting in a nine-point drag on the tech-oriented Nasdaq NDAQ +0.08%Composite Index, which declined 11.23 points, or 0.4%, to 2978.04. For the week, the Dow rose 1% and the S&P 500 edged up 0.1%. The three consecutive weekly gains for those benchmarks marked the longest such streak since a six-week run that ended Aug. 17. The Nasdaq fell 1.1% on the week.

The paltry gains for the S&P 500, which many investors use as a proxy for the market overall, reflects how "we're so mired in this policy turmoil out of Washington," said Ron Florance, managing director of investment strategy at Wells Fargo Private Bank, which oversees $179 billion. Lawmakers remain divided on how to avert tax increases and spending cuts set to kick in next month, known as the "fiscal cliff." But Friday, upbeat jobs data gave bulls the upper hand. The U.S. added 146,000 jobs last month, the Labor Department reported, up from a downwardly revised 138,000 in October. Economists polled by Dow Jones Newswires had forecast a median of 80,000 in November. The unemployment rate dropped to 7.7% from 7.9%, compared with economists' predictions for it to remain unchanged.

"It's not robust—everyone's wishing for stronger growth—but the economy is improving," said Greg Peterson, director of investment research at Ballentine Partners, which manages $3.5 billion. U.S. consumers felt much less upbeat about the economy in early December than late last month, according to the Thomson Reuters and University of Michigan's consumer-sentiment index. The reading fell more than economists had forecast.

In Europe, the Stoxx Europe 600 edged up 0.1% and gained 1.2% on the week. Germany's central bank cut its growth outlook for the country's economy in 2012 and next year. It also said unemployment could edge up in 2013. In addition, data showed industrial production for October fell more than expected. The downbeat forecasts came just a day after Germany's DAX index surged to its highest closing level in almost five years on the back of strong factory-order data. On Friday, the index shed 0.2% but gained 1.5% for the week. The German benchmark is up 27% this year. "Germany has been the stronger economy in Europe and signs that they are struggling are bad for markets," said Richard Perry, chief market strategist at Central Markets.

Italian stocks fell after the center-right party of former Prime Minister Silvio Berlusconi withdrew its support for current Prime Minister Mario Monti's government. Italy's FTSE MIB stock index slumped 0.9%, and Spain's IBEX index fell 0.8%. Most Asian markets advanced. China's Shanghai Composite rose 1.6% to a one-month high, extending its weekly gain to 4.1%. Australia's S&P/ASX 200 climbed 0.9% to a seven-week high, up 1% on the week. Japan's Nikkei Stock Average dropped 0.2% but rose 0.9% on the week, its fourth consecutive weekly gain. Crude-oil prices lost 0.4%, to settle at $85.93 a barrel. The dollar rose against the euro and yen. The 10-year Treasury note fell in price to yield 1.627%.            [The Wall Street Journal].

FKLI spot month opened higher this morning following gains in U.S stocks as better-than-expected jobs numbers appeared to outweigh a drop in December consumer sentiment. Today’s Support and Resistance for December contract is located around 1,620 and 1,638 respectively.