Stocks Opened Higher after Strong Jobs Report

U.S. stocks opened higher on Friday, after a strong July jobs report painted an upbeat picture of the U.S. labor market. The Dow industrials lately added 134.02 points, or 0.75%, to 18,486.07. The S&P 500 gained 12.50 points, or 0.58%, to 2,176.75. The Nasdaq Composite rose 37.88 points, or 0.73%, to 5,204.13.

The U.S. generated 255,000 new jobs in July, furnishing fresh proof that companies are still hiring plenty of workers even though the economy is operating at a lower speed. The unemployment rate, meanwhile, was unchanged 4.9%.

The U.S. trade deficit jumped 8.7% in June to a 10-month high of $44.5 billion, reflecting the higher cost of oil and more imports of consumer goods such as cellphones and drugs.

Oil futures erased a small loss after upbeat U.S. jobs data Friday as traders awaited data on the number of U.S. drilling rigs amid worries about a global glut of supply. Brent crude rose 5 cents, or 0.1%, to $44.34 a barrel. West Texas Intermediate futures were rose 4 cents, or 0.1%, to $41.97 a barrel.