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U.S. stocks turn higher on economic reports

Xinhua, April 2, 2016 Adjust font size:

U.S. stocks pared early losses and traded higher in the morning session Friday, as investors assessed the newly-released March jobs report.

By noon, the Dow Jones Industrial Average gained 35.11 points, or 0.20 percent, to 17,720.20. The S&P 500 rose 1.27 points, or 0.06 percent, to 2,061.01. The Nasdaq Composite Index was up 17.46 points, or 0.36 percent, to 4,887.31.

Total nonfarm payroll employment rose by 215,000 in March, but the unemployment rate edged up to 5 percent, the U.S. Labor Department announced Friday.

In March, the average hourly earnings for all employees on private nonfarm payrolls increased by 7 cents to 25.43 U.S. dollars, following a 2-cent decline in February. Over the year, average hourly earnings have risen by 2.3 percent.

Traders were looking to more hints on future monetary policy from the U.S. Federal Reserve following the payrolls data.

"A solid employment report the Fed can live with," said Chris Low, the chief economist at FTN Financial, Friday. "The Fed should be pleased, and more patient, after this report."

The U.S. manufacturing index registered 51.8 percent in March, an increase of 2.3 percentage points from the February reading of 49.5 percent and topping market expectations, the Institute Supply Management (ISM) said Friday.

U.S. stocks closed narrowly mixed Thursday, the last trading day of the quarter, after wavering in a tight range. Endite