Investing.com – Wall Street opened slightly higher on Monday, as it extended gains from Friday’s ‘Goldilocks’ jobs report and inflation worry eased.
The S&P 500 was up six points or 0.24% to 2,793.22 as of 9:39 AM ET (13:39 GMT) while the Dow composite increased 74 points or 0.30% to 25,410.64, and tech heavy NASDAQ Composite rose 26 points or 0.35% to 7,587.47.
The economy added 313,000 jobs in February, which was more jobs than expected, according to data released payrolls processor ADP on Friday. Hourly average earnings rose 0.1% month-on-month, below a forecast of 0.2%. The low earnings numbers eased investor concern about the possibility of rising inflation. Earnings is one indicator of inflation.
All three major indexed closed with gains of around 1.7% on Friday after the jobs report.
Broadcom (NASDAQ:AVGO) was among the biggest gainers after the morning bell after it announced it was redomiciliation to the U.S. by April 3. The Singapore-based firm rose 2.76%. The company is attempting to takeover Qualcomm (NASDAQ:QCOM), which is on hold as U.S. officials investigate the bid for national security concerns. Shares of Qualcomm dipped 0.08%.
Meanwhile semiconductor Micron Technology Inc (NASDAQ:MU) rose 4.87% while Amazon.com (NASDAQ:AMZN) was up 0.71% and apparel firm Nike (NYSE:NKE) gained 1.74%.
Elsewhere Intel (NASDAQ:INTC) was down 2.41% while Netflix (NASDAQ:NFLX) fell 0.28% and Boeing (NYSE:BA) was down 0.32%.
In Europe stocks were mixed. In Germany the DAX rose 65 points or 0.53% while France’s CAC 40 increased eight points or 0.16% and in London the FTSE 100 fell seven points or 0.10%. Meanwhile Spain’s IBEX 35 was up 42 points or 0.44% and the pan-European Euro Stoxx 50 inched up 17 points or 0.52%.
In commodities, gold futures fell 0.42% to $1,318.30 a troy ounce while crude oil futures surged 1.33% to $60.92 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, inched down 0.01% to 90.10.