Stocks Rallied at Open on Strong Jobs Data

U.S. stocks rallied at the open on Friday, after government data showed employers added more jobs than expected in June. The Dow Jones Industrial Average lately added 145.39 points, or 0.81%, to 18,041.27. The S&P 500 gained 17.86 points, or 0.85%, to 2,115.76. The Nasdaq Composite added 45.50 points, or 0.93%, to 4,922.31.

The US economy added 287,000 jobs in June, crushing the 180,000 expected by economists. This was the biggest jump in payrolls in eight months. Meanwhile the unemployment rate climbed to 4.9% from 4.7% May. This was the largely due to the 414,000 people who entered the US labor force, which brought the labor force participation rate up to 62.7% in June from 62.6% a month ago.

Treasury yields climbed Friday to their highest level in a week. The 10-year Treasury yield, the U.S. market’s benchmark, gained 2 basis points to 1.407%, its highest level in a week, while the yield on the 2-year note gained 3.6 basis points to 0.625%.

The U.K.’s decision to leave the EU is expected to weigh on euro zone growth, the International Monetary Fund (IMF) said on Friday, lowering its growth forecasts for the 19-country region.

Theranos says the federal government has banned founder and CEO Elizabeth Holmes from owning or running a medical laboratory for two years. The company announced the decision by the Centers for Medicare & Medicaid Services on Thursday.

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