Stocks Rallied at Open on Strong Jobs Report

U.S. stocks opened sharply higher on Friday after a report that the U.S. economy added far more jobs than expected in December. The Dow Jones Industrial Average lately advanced 462.80 points, or 2.04%, to 23,149.02. The S&P 500 rose 49.29 points, or 2.01%, to 2,497.18. The Nasdaq Composite climbed 147.62 points, or 2.28%, to 6,611.12.

The Bureau of Labor Statistics reported Friday that non-farm payrolls rose to 312,000 in December, surging past expectations of 184,000. The BLS also upwardly revised its figure for non-farm payroll additions in November to 176,000, from 155,000 previously reported. The unemployment rate rose to 3.9% in December.

Oil prices tried for their fifth straight gain on Friday as an upbeat jobs number soothed immediate recession worries. West Texas Intermediate crude for February delivery added 79 cents, or 1.6%, a $47.88 a barrel. March Brent crude added 83 cents, or 1.5%, to $56.80 a barrel.