US stocks open higher despite weak jobs figures

ISTANBUL

US stocks opened with gains on Friday despite weak jobs figures that came in much lower than expectations.

The Dow Jones industrial average rose 262 points, or 0.63%, to 42,026 as of 9.34 am EDT (1334GMT).

The S&P 500 was up 34 points, or 0.58% to 5,740. The Nasdaq Composite added 122 points, or 0.68%, to 18,256.

The economy added only 12,000 jobs in October, much less than market estimates of 106,000 jobs, in a month of two destructive hurricanes and a large strike at aircraft maker Boeing. Job additions for September, meanwhile, were revised down by 31,000, from 254,000 to 223,000.

The unemployment rate remained unchanged at 4.1% in September, and came in line with market estimates.

The VIX volatility index, also known as the "fear index," dove 6% to 21.77. The 10-year US Treasury yield fell 0.33% to 4.273%.

The US dollar index lost 0.04% to 103.93, while the euro shed 0.1% against the dollar, trading at $1.0873.

Precious metals were in positive territory. Gold added 0.45% to $2,756 per ounce and silver rose 1% to $32.99.

Oil prices climbed more than 2.3%, with global benchmark Brent crude at $74.50 per barrel and US benchmark West Texas Intermediate at $71.10.