New York (AFP) - Wall Street stocks Friday moved higher in early trade following a report that showed the US economy added far more jobs in April than expected.
About 30 minutes into trade, the Dow Jones Industrial Average rose 36.64 (0.22 percent) to 16,595.51.
The broad-based S&P 500 gained 4.03 (0.21 percent) to 1,887.71, while the tech-rich Nasdaq Composite Index added 2.41 (0.06 percent) at 4,129.86.
The Labor Department said the US economy added 288,000 jobs in April, well above the 210,000 expected by analysts. The report also showed solid upward revisions to the March and February estimates.
The report said the US unemployment rate fell to 6.3 percent, the lowest level since September 2008. However, the low unemployment figure was based on a big drop in workforce participation.
While the headline of the report was "very good," questions about the drop in labor force participation weighed on investor sentiment, said Mace Blicksilver, director of Marblehead Asset Management.
"People are trying to sort it out," he said.
Blicksilver said the report has also generated speculation about whether the US Federal Reserve may speed up its time frame for raising benchmark interest rates.
Dow member Pfizer lost 1.0 percent after AstraZeneca rejected its latest bid to acquire the British pharmaceutical giant. AstraZeneca said the offer, raised to $106 billion from $99 billon previously, still "substantially" undervalues the company.
Another pharmaceutical giant in the Dow, Merck, halted a clinical trial of its vintafolide ovarian cancer treatment because poor results. Merck lost 1.2 percent. Endocyte, a biopharmaceutical company that has partnered Merck in the research, tumbled 61.2 percent.
Chevron, another Dow component, reported an earnings drop of 27 percent on lower petroleum production. Results translated into $2.36 per share, 15 cents below Wall Street estimates. Shares edged up 0.1 percent.
LinkedIn fell 3.8 percent on a disappointing forecast. The company projected annual revenues of $2.06-$2.08 billion, below the $2.11 billion expected by Wall Street analysts.
The yield on the 10-year US Treasury rose to 2.66 percent from 2.61 percent Thursday, while the 30-year advanced to 3.43 percent from 3.41 percent. Bond prices and yields move inversely.
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