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Wall Street stocks rose early Friday following a strong US jobs report and as dockworkers began returning to ports after a three-day strike ended.
The world’s biggest economy added 254,000 jobs last month, far above analyst expectations, as the unemployment rate dipped from 4.2 percent to 4.1 percent, according to US Department of Labor data.
Markets also greeted news from Thursday night that the International Longshoremen’s Association agreed to return to work at East and Gulf Coast ports after reaching a tentative deal with the United States Maritime Alliance on a new contract.
The strike had posed a major risk to the US economy.
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.7 percent at 42,290.22.
The broad-based S&P 500 gained 0.7 percent to 5,739.99, while the tech-rich Nasdaq Composite Index advanced 1.1 percent to 18,107.68.
While a positive for the economy, the robust jobs data “temper the odds” of another large Federal Reserve interest rate cut in November in favor of a smaller reduction, said Kathy Bostjancic, chief economist of Nationwide.
jmb/nro
