S&P 500 Index Opens Sharply Higher After Strong NFP Report

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  • The major Wall Street indices posted big gains on Friday.
  • Energy stocks are up sharply as a result of rising crude prices.
  • Nonfarm payrolls in the US increased 379,000 in February.

The main US stock indices They started the last day of the week with a decisive rise, and the upbeat US employment report gave a boost to risk sentiment. At time of writing, the Dow Jones Industrial Average was up 0.6% on the day to 31,113, the S&P 500 Index was up 0.48% to 3,786, and the Nasdaq Composite was up 0.3% to 12,501.

Hours earlier, the US Bureau of Labor Statistics reported that non-farm payrolls in the US increased by 379,000 in February and exceeded the market expectation of 182,000 by a wide margin. Additionally, the January reading was revised to 166,000 from 49,000.

Reflecting the positive shift in market sentiment, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, was down 7.5% on the day.

Among the top 11 sectors in the S&P 500, the Energy Index is up 2.6% supported by a 3% rise in crude oil prices. On the other hand, the consumer discretionary index was losing 1% as the largest percentage decline after the opening bell.

S&P 500 chart (daily)

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