Markets Right Now: Stocks climb after solid hiring report
NEW YORK (AP) — The latest on developments in financial markets (all times local):
Major indexes are rising in midday trading on Wall Street after the government reported that hiring rebounded in March.
Health care and energy companies pulled the market higher Friday. Pfizer rose 1.1% and Marathon Petroleum climbed 3.3%.
Traders were encouraged by a report from the Labor Department that U.S. employers ramped up hiring last month following meager job additions in February. The unemployment rate remained near a 50-year low of 3.8%.
The S&P 500 rose 10 points, or 0.4%, to 2,889. The index is up 2% for the week.
The Dow Jones Industrial Average rose 28 points, or 0.1%, to 26,414. The Nasdaq rose 40 points, or 0.5%, to 7,932.
Bond prices rose. The yield on the benchmark 10-year Treasury fell to 2.50%.
Stocks are opening higher on Wall Street, keeping the market on track for a solid weekly gain, after the government reported that hiring rebounded in March.
Technology companies and retailers posted some of the biggest gains in early trading Friday.
Nvidia, a chipmaker, rose 1.4% and O’Reilly Automotive climbed 1.2%.
Before trading opened the Labor Department reported that U.S. employers added 196,000 jobs last month, up sharply from February.
The S&P 500 index rose 7 points, or 0.2%, to 2,887. The index is up 1.8% for the week.
The Dow Jones Industrial Average rose 72 points, or 0.3%, to 26,450. The Nasdaq rose 23 points, or 0.3%, to 7,915.
Bond prices were little changed. The yield on the benchmark 10-year Treasury held steady at 2.51%.