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US stocks rise on solid jobs report
JOBS NEWS
Fin24/ AFP - Jul 8th, 08:08
New York - US stocks Friday opened higher following a better-than-expected US jobs report, even as US Treasury yields spiked.
Five minutes into trade, the Dow Jones Industrial Average gained 73.57 (0.49%) to 15 062.12.
The broad-based S&P 500 rose 7.61 (0.47%) to 1 623.02, while the tech-rich Nasdaq Composite Index advanced 16.81 (0.49%) to 3 460.48.
Analysts expected low volumes Friday with many investors off for the long July 4 Independence Day holiday. US markets were closed Thursday.
Friday's gains came after the Labor Department reported that 195 000 jobs were added in June, above the 166 000 analyst estimate. The unemployment rate held steady at 7.6%.
Briefing.com analyst Patrick O'Hare called the jobs report "stronger than expected, but not undeniably strong." He cited some less propitious details in the report, such as a rise in the number of discouraged workers compared with a year ago.
The rise also came in the wake of Thursday's strong gains in European markets after European Central Bank (ECB) chief Mario Draghi said that ECB monetary policy would remain accommodative for "as long as necessary."
Despite the gains, spiking US Treasury yields were a source of concern. The 10-year Treasury rose to 2.70% compared with 2.50% Wednesday. The yield on the 30-year bond rose to 3.65% from 3.50%.
From Fin24.com
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