Stocks Open Up after Upbeat Jobs Report

U.S. stocks opened higher on Friday as investors cheered a surprisingly strong jobs report, which showed the fasted pace of jobs growth in three months. The Dow Jones Industrial Average lately rose 40.98 points, or 0.25%, to 16,462.87. The S&P 500 gained 0.51 points, or 0.03%, to 1,877.54. The Nasdaq Composite was down 17.71 points, or 0.41%, at 4,334.41.

U.S. job growth rose more than expected in February, easing fears of an abrupt slowdown in economic growth and keeping the Federal Reserve on track to continue reducing its monetary stimulus. Employers added 175,000 jobs to their payrolls last month after creating 129,000 new positions in January, the Labor Department said on Friday.

US supermarket chains Safeway and Albertsons Thursday agreed to merge in a $9.1 billion deal that will create a giant with more than 2,400 stores and 250,000 employees.

A U.S. judge on Thursday rejected Apple’s request for a permanent sales ban in the United States against some older Samsung smartphones, a key setback for the iPhone maker in its global patent battle.