Stocks opened up more than 1 percent on Friday as Libya said it would cease all military action, sending oil prices sharply lower.

The Dow Jones industrial average <.DJI> jumped 130.62 points, or 1.11 percent, at 11,905.21. The Standard & Poor's 500 Index <.SPX> was up 13.88 points, or 1.09 percent, at 1,287.60. The Nasdaq Composite Index <.IXIC> gained 26.46 points, or 1.00 percent, at 2,662.51.

(Reporting by Caroline Valetkevitch)