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US stocks rise on news of hiring pickup last month

March 7, 2014

NEW YORK (AP) — U.S. stocks are higher in early trading following news that employers stepped up their hiring last month despite severe winter weather.

The Standard & Poor’s 500 index rose four points, or 0.2 percent, to 1,880 in the first few minutes of trading Friday. Financial and energy stocks rose the most.

The Dow Jones industrial average rose 57 points, or 0.4 percent, to 16,478. The Nasdaq composite rose four points, or 0.1 percent, to 4,356.

Investors were encouraged by news from the Labor Department that employers added 175,000 jobs in February, far more than expected.

Bond prices fell. The yield on the 10-year Treasury note rose to 2.80 percent from 2.74 percent late Thursday. The yield had been as low as 2.60 percent earlier this week.

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