Stocks Opened Higher on Strong Jobs Report

U.S. stocks opened higher on Thursday on the back of a far stronger-than-expected jobs report, sending the Dow Jones Industrial Average above 17,000 and into record territory. The Dow industrials lately rose 67.56 points, or 0.40%, to 17,043.80. The S&P 500 was up 5.76 point, or 0.29%, to 1,980.38. The Nasdaq gained 8.17 points, or 0.18%, to 4,465.90.

U.S. employment growth jumped in June and the jobless rate closed in on a six-year low. Nonfarm payrolls increased by 288,000 jobs, the Labor Department said on Thursday. Data for April and May were revised to show a total of 29,000 more jobs created than previously reported.

The nation’s trade deficit sank 5.6% in May, as U.S. exports of cars and petroleum increased while imports dipped after a spike in April. The trade gap declined to a seasonally adjusted $44.4 billion in May from a slightly revised $47.0 billion in the prior month, the Commerce Department said Thursday.

Sweden’s central bank Thursday made a surprisingly large cut to its main interest rate, lowering borrowing costs for the first time in six months to boost a sagging inflation rate, which has long fallen short of the central bank’s 2% target.