Stocks Opened Higher despite Weak Jobs Report

U.S. stocks opened higher on Friday, as investors shook off the weak January jobs report. The Dow Jones Industrial Average lately rose 157.91 points, or 0.51%, to 31,213.77. The S&P 500 added 14.90 points, or 0.38%, to 3,886.64. The Nasdaq Composite gained 11.06 points, or 0.08%, to 13,788.80.

Brent crude oil prices pushed toward $60-a-barrel Friday, on track for big weekly gains, boosted in part by ongoing signs of strong demand and production restraint by OPEC countries. West Texas Intermediate crude for March delivery rose 55 cents, or 1%, to $56.77 a barrel. April Brent crude advanced 65 cents, or 1.1%, to $59.49 a barrel.

The U.S. economy resumed adding back more jobs than it lost in January, as easing stay-in-place restrictions and fiscal stimulus measures out of Washington alleviated some of the pressure on the labor market. However, the number of jobs regained fell short of expectations. Non-farm payrolls grew by 49,000 in January, coming in at fewer than half the 105,000 expected.