October hiring surge sends US stock prices higher
NEW YORK (AP) — Stocks are opening higher on Wall Street after the government reported an unexpected surge in hiring last month.
The Dow Jones industrial average was up 32 points, or 0.2 percent, to 15,624 in the first few minutes of trading Friday.
The Standard & Poor’s 500 index was up six points, or 0.4 percent, at 1,753. The Nasdaq composite was up 24 points, or 0.6 percent, to 3,881.
Bond prices fell after the U.S. reported that employers added 204,000 jobs last month, far more than economists expected. The yield on the 10-year Treasury note rose sharply, to 2.74 percent from 2.60 percent late Thursday.
Investors took the hiring gain as a signal that the Federal Reserve might pull back on its big bond-buying program.
The Gap rose after reporting higher sales.