Stocks Opened Higher after August Jobs Data

U.S. stocks opened higher on Friday, after data showed job growth slowed more than expected in August and wage growth remained anemic, potentially making the central bank cautious about raising interest rates again this year. The Dow Jones Industrial Average lately added 54.70 points, 0.25%, to 22,002.80. The S&P 500 advanced 4.33 points, or 0.18%, to 2,475.98. The Nasdaq Composite was off 1.99 points, or 0.03% to 6,426.67.

Oil prices pulled back in Friday’s trade, a day after logging significant gains attributed to bets that flooding after Hurricane Harvey would curtail supply. West Texas Intermediate crude for October delivery slumped 56 cents, or 1.2%, to $46.66 a barrel. November Brent gave up 59 cents, or 1.1%, to $52.27 a barrel.

The U.S. economy added 156,000 nonfarm payrolls in August while the unemployment rate rose slightly to 4.4%, according to the latest figures from the Bureau of Labor Statistics. Average hourly earnings rising 0.1% over the prior month and 2.5% over last year. Earnings were expected to rise 0.2% over the prior month and 2.6% over the prior year.