U.S. stocks opened higher after data from the Labor Department showed jobs growth was stronger than anticipated in August while the unemployment rate rose. The Dow Jones Industrial Average
DJIA,
was up 0.7% soon after the opening bell, while the S&P 500
SPX,
gained 0.7% and the Nasdaq Composite
COMP,
climbed 0.8%, according to FactSet data, at last check.
The Labor Department said Friday that the U.S. economy added 187,000 jobs last month while average hourly earnings increased 0.2% in August for 4.3% wage growth over the past year. The number of new jobs exceeded the total 170,000 forecast by economists polled by the Wall Street Journal. The government’s nonfarm payrolls report also showed the U.S. unemployment rate climbed to 3.8% in August, from 3.5% in July.
Meanwhile, the yield on the 10-year Treasury note was up two basis points Friday morning at 4.11%, according to FactSet data, at last check. Two-year Treasury yields were down about four basis points at around 4.8%.
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