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Stocks open sharply higher on Wall Street following strongest hiring trends in five months
NEW YORK (AP) ¯¯¯ Stock are rising sharply on Wall Street after a July jobs report revealed the strongest hiring trends in five months.
Dow Jones industrial average added 165 points to 13,044 shortly after the opening bell Friday. The broader Standard & Poor's 500 index rose 18 points to 1,383. The Nasdaq composite rose 37 points to 2,946.
The Labor Department said Friday that the U.S. added 163,000 jobs last month, a turnaround following three months of sluggish hiring.
Between April and June, the economy added an average of just 75,000 jobs a month compared with 226,000 jobs per month in the first three months of the year.
The stock market was headed for its first gain after four days of losses.
Yields on government bonds rose as investors shed low-risk assets.