U.S. stocks open higher on weak jobs data
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E-mail Xinhua, October 5, 2015
U.S. stocks opened higher on Monday, as Wall Street believed that the possibility for the U.S. Federal Reserve to raise interest rate this year becomes lower following a weaker-than-expected jobs report on Friday.
Shortly after the opening bell, the Dow Jones Industrial Average gained 156.07 points, or 0.95 percent, to 16,628.44. The S&P 500 rose 19.13 points, or 0.98 percent, to 1,970.49. The Nasdaq Composite Index was up 39.53 points, or 0.84 percent, to 4,747.30.
U.S. total nonfarm payroll employment increased by 142,000 in September, well below market consensus of 203,000, the Labor Department announced Friday. The unemployment rate held at 5.1 percent in September.
Some analysts thought that a soft jobs report could give the Federal Reserve some reason to postpone rate hikes.
European equities were sharply higher on Monday after the weak jobs report, with major indices surging over 2 percent.
Tokyo stocks also rose 1.58 percent on Monday as investor sentiment was lifted by gains in U.S. equities before the weekend.
On the economic front, investors will eye on the ISM non-manufacturing report due later Monday.
Meanwhile, third-quarter earnings season will kick off later this week. Earnings are expected to decline around 4 percent for the S&P 500, according to Thomson Reuters.
U.S. stocks reversed deep losses to end sharply higher Friday, as investors were digesting the newly-released poor nonfarm payroll report. Endi
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