Stocks Opened Lower after Solid Jobs Report

U.S. stocks opened lower on Friday, as market reaction to a solid jobs report appears to be negative. The Dow Jones Industrial Average lately dropped 105.32 points, or 0.605%, to 17,579.77. The S&P 500 was down 14.21 points, or 0.69%, to 2,045.53. The Nasdaq Composite fell 30.89 points, or 0.63%, to 4,838.96.

U.S. employment increased solidly in March and wages rebounded. Nonfarm payrolls increased 215,000 last month, the Labor Department said on Friday. Data for January and February were revised slightly down to show 1,000 fewer jobs created than previously reported.

Fresh data from the Labor Department Friday has given the Federal Reserve the green light to raise interest rates in June, economists said.

Chinese firm Anbang Insurance Group on Thursday abandoned its plans to acquire Starwood Hotels & Resorts for $14 billion in cash, putting an end to a weeks-long bidding war with Marriott International.

Ford, Nissan and Fiat Chrysler each reported big U.S. sales gains in March as the auto industry appeared to be headed for its best month in more than a decade. Nissan sales were up 13 percent, hitting a record for any month in its history. At Fiat Chrysler and Ford, sales were up 8 percent, while they grew 0.9 percent at General Motors.

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