Stocks Opened Higher as Disappointing Jobs Report Fueled Rate-cut Hopes

U.S. stocks opened higher on Friday, after a weaker-than-expected report on job gains in May amplified calls for the Federal Reserve to pivot toward easier monetary policy. The Dow Jones Industrial Average lately rose 162.19 points, or 0.63% , to 25,882.85. The S&P 500 gained 20.06 points, or 0.71%, to 2,863.55. The Nasdaq Composite advanced 67.47 points, or 0.89%, to 7,683.02.

Oil futures climbed for a second straight session Friday, with bulls cheered by news of a possible resolution of the trade dispute between the U.S. and Mexico. West Texas Intermediate crude for July delivery rose 70 cents, or 1.3%, to $53.29 a barrel. August Brent was up $1.03, or 1.7%, at $62.70 a barrel.

Job growth slowed more-than-expected in May, while the unemployment rate held at a near 50-year low, according to the Department of Labor’s Friday report. The U.S. economy added just 75,000 non-farm payrolls in May. This was below expectations for 175,000 non-farm payroll additions, based on Bloomberg-compiled estimates.