Surge in hiring last month send US stock prices higher in early trading; Bond prices fall

NEW YORK, N.Y. – Stocks are opening higher on Wall Street after the government reported an unexpected surge in hiring last month.

The Dow Jones industrial average was up 32 points, or 0.2 per cent, to 15,624 in the first few minutes of trading Friday.

The Standard & Poor’s 500 index was up six points, or 0.4 per cent, at 1,753. The Nasdaq composite was up 24 points, or 0.6 per cent, to 3,881.

Bond prices fell after the U.S. reported that employers added 204,000 jobs last month, far more than economists expected. The yield on the 10-year Treasury note rose sharply, to 2.74 per cent from 2.60 per cent late Thursday.

Investors took the hiring gain as a signal that the Federal Reserve might pull back on its big bond-buying program.

The Gap rose after reporting higher sales.

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