RTTNews - With traders reacting positively to the latest employment data, stocks showed a strong upward move at the start of trading on Friday. The major averages all moved firmly into positive territory, adding to the gains posted in the previous session.
The initial strength in the markets came after the Labor Department released a report showing that employment fell by a much smaller than expected 345,000 jobs in May, although the unemployment rate still jumped to a new twenty-five year high.
Banking stocks are seeing considerable strength in early trading amid easing concerns about the outlook for the economy. Most other sector are also moving higher, with defense, retail, and housing stocks posting notable gains.
In the past few minutes, the major averages have pulled back off their highs for the session, although they are currently holding onto strong gains. The Dow is currently up 68.05 at 8,818.29, the Nasdaq is up 10.05 at 1,860.07 and the S&P 500 is up 6.93 at 949.39.
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