Stocks Opened Higher after Estimates-topping Jobs Report

U.S. stocks opened higher on Friday after the August jobs report topped estimates on almost every major metric. The Dow Jones Industrial Aveage lately rose 233.58 points, or 0.83%, to 28,526.31. The S&P 500 was up 22.86 points, or 0.66%, to 3,477.92. The Nasdaq Composite gained 54.00 points, or 0.47%, to 11,512.10.

Oil prices gained ground Friday, but remained on track for weekly losses as jitters rise over the outlook for demand. West Texas Intermediate crude for October delivery rose 25 cents, or 0.6%, to $41.62 a barrel. November Brent was up 19 cents, or 0.4%, at $44.26 a barrel.

The US economy added back a greater than expected number of payrolls in August and the unemployment rate improved by a larger than anticipated margin. Non-farm payrolls rose by 1.371 million in August, topping expectations for 1.35 million. The overall unemployment rate improved to 8.4% in August for the first reading below 10% since March.