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U.S. stocks open sharply higher on jobs report

Xinhua, May 8, 2015 Adjust font size:

U.S. stocks surged on Friday, as investors cheered a jobs report that indicated signs of economic growth.

Total nonfarm payroll employment increased by 223,000 in April, and the unemployment rate was essentially unchanged at 5.4 percent, the U.S. Labor Department announced Friday.

Job gains occurred in professional and business service, health care, and construction. Mining employment continued to decline.

In April, average hourly earnings for all employees on private nonfarm payrolls rose by 3 cents to 24.87 U.S. dollars. Over the past 12 months, average hourly earnings have increased by 2.2 percent.

Analysts said April' s jobs report showed an uptick in the economy but not enough to warrant the Federal Reserve tightening.

Shortly after the opening bell, the Dow Jones Industrial Average soared 217.74 points, or 1.21 percent, to 18,141.80. The S&P 500 jumped 21.69 points, or 1.04 percent, to 2,109.69. The Nasdaq Composite Index spiked 51.53 points, or 1.04 percent, to 4,997.08.

U.S. stocks ended higher on Thursday after a two-day sell-off, as U.S. jobless claims data came out positive. Endit