S&P 500 Index opens sharply higher after strong NFP report
- Wall Street’s main indexes are posting large gains on Friday.
- Energy shares rise sharply on the back of surging crude oil prices.
- Nonfarm Payrolls in the US rose by 379K in February.
Major equity indexes in the US started the last day of the week decisively higher with the upbeat US jobs report providing a boost to risk sentiment. As of writing, the Dow Jones Industrial Average was up 0.6% on the day at 31,113, the S&P 500 Index was rising 0.48% at 3,786 and the Nasdaq Composite was gaining 0.3% at 12,501.
Earlier in the day, the US Bureau of Labor Statistics reported that Nonfarm Payrolls in the US increased by 379,000 in February and surpassed the market expectation of 182,000 by a wide margin. Furthermore, January’s reading got revised up to 166,000 from 49,000.
Reflecting the positive shift in market mood, the CBOE Volatility Index (VIX), Wall Street’s fear gauge, is down 7.5% on the day.
Among the 11 major S&P 500 sectors, the Energy Index is up 2.6% supported by a 3% increase in crude oil prices. On the other hand, the Consumer Discretionary Index was losing 1% as the biggest percentage decliner after the opening bell.