Stocks Surged at Open after Unexpected Jobs Report

U.S. stocks surged at open on Friday, after a report on employment showed an unexpected rise in jobs and the rate of unemployment fell rather than rose as had been feared. The Dow Jones Industrial Average lately rose 753.03 points, or 2.87%, to 27,034.85. The S&P 500 climbed 69.07 points, or 2.22%, to 3,181.42. The Nasdaq Composite gained 162.49 points, or 1.69, to 9,778.30.

Crude-oil futures climbed Friday morning, supported partly by reports that major oil producers are tentatively expected to convene over the weekend to outline plans to extend productions cuts. West Texas Intermediate crude for July delivery was up 81 cents, or 2.2%, at $38.23 a barrel. Brent saw its August contract climbed $1.19, or 3%, to trade at $41.20 a barrel.

The Labor Department reported that US economy added 2.5 million jobs in May and the unemployment rate falls to 13.3%, well below expectations of a surge to 19.5%.