New York stocks opened higher on the 8th (local time) as semiconductor shares rebounded, even though U.S. jobs data beat market forecasts for a second straight month.
As of 10:17 a.m., on the New York Stock Exchange, the Dow Jones Industrial Average was up 74.56 points, or 0.15%, at 49,671.53. The Standard & Poor's (S&P) 500 rose 50.35 points, or 0.69%, to 7,387.46, and the Nasdaq composite was up 306.64 points, or 1.19%, at 26,112.83.
U.S. jobs data far exceeded market expectations for a second straight month. The Labor Department said in its April employment report that nonfarm new hires increased by 115,000 from the prior month. That was well above Wall Street's forecast of 55,000. New hires in March were also revised to an increase of 185,000 (from an initial 178,000). The market forecast was 59,000.
The unemployment rate held at 4.3%, the same as the previous month, showing the U.S. labor market remained solid. Markets are also expressing hopes for a soft landing of the U.S. economy. Sam Stovall, chief investment strategist at CFRA Research, said, "These are good numbers that show overall economic conditions and consumer sentiment remain healthy."
Gains were notable in technology and semiconductor shares. Nvidia rose about 2% early in the session, and Apple climbed more than 1%. Health care and energy were weaker.