Stocks Opened Higher Despite Loss of Jobs

U.S. stocks open higher on Friday despite Labor Department data showed that 20.5 million jobs were lost in April. The Dow Jones Industrial Average lately rose 309.81 points, or 1.30%, to 24,185.70. The S&P 500 gained 30.54 points, or 1.06%, to 2,911.73. The Nasdaq Composite advanced 73.41 points, or 0.82%, to 9,053.07.

Oil prices rose on Friday as more countries moved ahead with plans to relax economic and social lockdowns put in place to halt the coronavirus pandemic and as more output was shut in. U.S. West Texas Intermediate (WTI) crude gained 78 cents, or 3.31%, to $24.33 a barrel. Brent crude was up by 76 cents, or 2.58%, at $30.22 a barrel by 1330 GMT.

The U.S. economy shed a record 20.5 million payrolls in April and the unemployment rate jumped to 14.7%, as the coronavirus pandemic forced businesses across the country to temporarily shut down and lay off or furlough workers.