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U.S. stocks open higher after upbeat jobs report

Xinhua, January 8, 2016 Adjust font size:

U.S. stocks opened higher on Friday, as the newly-released data showed stronger-than-expected job growth in the United States and Chinese stocks rebounded.

Total nonfarm payroll employment rose by 292,000 in December, beating market estimates of 200,000, and the unemployment rate was unchanged at 5.0 percent, said the U.S. Labor Department on Friday.

Traders focused on the robust employment data, and the first jobs report since the U.S. Federal Reserve's mid-December decision to raise its interest rates.

The upbeat report suggests that a recent manufacturing-led slowdown in economic growth would be temporary, according to the Reuters.

In Asia, China's shares showed signs of stabilization, with benchmark Shanghai Composite Index up 1.97 percent Friday, after the China Securities Regulatory Commission (CSRC) announced the stock market "circuit breaker" mechanism would be suspended.

Meanwhile, investors continued to look to oil prices amid rising tensions in the Middle East. Crude prices rose modestly early Friday, but remained near multi-year lows.

Shortly after the opening bell, the Dow Jones Industrial Average rose 66.33 points, or 0.40 percent, to 16,580.43. The S&P 500 gained 10.48 points, or 0.54 percent, to 1,953.57. The Nasdaq Composite Index was up 43.42 points, or 0.93 percent, to 4,732.85.

U.S. stocks slumped for a second straight day on Thursday, as global markets rout and falling oil prices continued to weigh on Wall Street. Endi