Stocks Opened Higher on Strong Jobs Data

U.S. stocks opened higher on Friday, as a healthy report on U.S. employment helped to lift buying sentiment. The Dow Jones Industrial Average lately rose 47.73 points, or 0.22%, to 22,073.83. The S&P 500 climbed 6.21 points, or 0.25%, to 2,478.37. The Nasdaq Composite gained 16.09 points, or 0.25%, to 6,356.43.

Oil futures declined on Friday, as producers there show no sign of slowing output into 2018—underscoring their resiliency and efficiency despite prolonged low prices. Light, sweet crude futures for delivery in September dropped 16 points, or 0.3% at $48.87 a barrel. October Brent crude fell 16 cents, or 0.3% to $51.85.

The U.S. Labor Department said non-farm payrolls increased by 209,000 jobs last month amid broad gains across industries. June’s employment gain was also revised up to 231,000 from an already strong 222,000, while hourly earnings rose 0.3 percent in July after rising 0.2 percent in June. That was the biggest increase in five months.

The trade deficit shrank nearly 6% in June to an eight-month low, but the U.S. is still on track to post a bigger gap in 2017 than it did the year before. The deficit fell to $43.6 billion in June from $46.4 billion in May, the Commerce Department said Friday.