US stocks jump following strong January jobs report
NEW YORK — U.S. stocks are climbing Friday morning after the government said employers stepped up their hiring last month, another positive sign for the U.S. economy. That’s helping small-company stocks, which stand to benefit more than others from faster economic growth. Banks rose sharply after President Trump took a step toward scaling back financial industry regulations.
KEEPING SCORE: The Dow Jones industrial average jumped 171 points, or 0.9 per cent, to 20,055 as of 12:10 p.m. Eastern time. The Standard & Poor’s 500 index advanced 16 points, or 0.7 per cent, to 2,296. The Nasdaq composite rose 22 points, or 0.4 per cent, to 5,657.
The Russell 2000 index of smaller-company stocks climbed 17 points, or 1.2 per cent, to 1,374. Smaller, domestically-focused companies may have more to gain than their larger peers from faster growth in the U.S. The Russell made large gains at the end of 2016 based on those hopes.
US JOBS: U.S. employers added 227,000 jobs in January, according to the Labor Department. That’s more than last year’s average monthly gain of 187,000. The unemployment rate ticked up to a low 4.8 per cent from 4.7 per cent in December as more people started looking for work.