Wall Street opens higher Friday fueled by a strong jobs report
New York, NY, United States (AHN) – Stocks opened sharply higher Friday after the Labor Department reported the U.S. economy created jobs at the fastest pace in nine months.
Shortly after the opening bell on Wall Street, the Dow Jones Industrial Average soared 113 points, the Standard & Poor’s 500 Index rose 12 points and the NASDAQ jumped 28 points.
Oil was up 64 cents to $97.13, and gold was lower by $7, last trading at $1,752.50 a troy ounce.
The Labor Department reported that nonfarm payrolls jumped by 243,000 in January, the most since April, and far exceeding economists’ expectations of a gain of just 150,000.
The strong jobs reports put the unemployment rate to a near three-year low of 8.3 percent and buoyed investor sentiment.
Market watchers will also be watching the big game Sunday. For the past 36 of 45 Super Bowls, the stock market has gone up after a win by an original National Football League team, one that traces its roots to before the merger with the American Football League, and gone down when the AFL (or newer team) is victorious.
So, Wall Street wants the Giants to win the Super Bowl.
The measure has an 80 percent accuracy rate based on the Dow Jones Industrial Averages’ annual performance.
There is not any science to it, but it is still as reliable as it gets for stock forecasting.
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