Stocks Opened Slightly Higher after Jobs Report

U.S. stocks opened slightly higher and turned negative shortly on Friday after data showed the labor market in the United States was in good shape. The Dow Jones Industrial Average lately fell 37.94 points, or 0.22%, to 16,905.96. The S&P 500 was off 5.86 points, or 0.29%, to 1,987.54. The Nasdaq Composite was down 16.95 points, or 0.36%, to 4,690.48.

U.S. employment gains surged in February, the clearest sign yet of labour market strength that could further ease fears the economy was heading into recession and allow the Federal Reserve to gradually raise interest rates this year. Nonfarm payrolls increased by 242,000 jobs last month, the Labor Department said on Friday.

U.S. exports fell in January for the fourth month in a row and hit the lowest level since mid-2011. The latest drop in exports contributed to a 2.2% increase in the nation’s trade deficit. The U.S. trade gap rose to a seasonally adjusted $45.7 billion in January from a revised $44.7 billion a month earlier, the government said Friday.

Facebook said it would stop booking sales to UK clients via Ireland, a practice which reduced its taxes, following the British government’s introduction of a new tax on profits shifted offshore.