Investing.com - U.S. stocks opened higher on Friday, supported by the release of upbeat U.S. employment data, even as it added to expectations for the Federal Reserve to begin tapering its stimulus program.
During early U.S. trade, the Dow Jones Industrial Average gained 0.47%, the S&P 500 index advanced 0.49%, while the Nasdaq Composite index climbed 0.43%.
In a report, the Bureau of Labor Statistics said the U.S. economy added 195,000 jobs in June, more than the expected 165,000 increase, after 195,000 jobs were created in May.
However, the report also showed that the U.S. unemployment rate remained unchanged at 7.6% last month, disappoiting expectations for a decline to 7.5%.
The data added to speculation that the Fed may soon decide to unwind its USD85 billion-a-month bond-buying program after a report on Wednesday showed that the U.S. private sector added 188,000 jobs in June, more than expectations for an increase of 160,000.
Financial stocks were broadly higher, as shares in Bank of America jumped 1.17% and JP Morgan rallied 1.29%, while Citigroup advanced 1.34%.
In the auto sector, Tesla Motors surged 2.52% after saying it received sufficient orders for its new Model S sedan to double the number of electric cars in Hong Kong.
The company, headed by billionaire Chief Executive Officer Elon Musk, has forecast it will sell 21,000 units of the Model S this year and is preparing to begin deliveries to Europe and Asia in the second half.
Elsewhere, Onyx Pharmaceuticals was up 0.04% amid reports the U.S. Securities and Exchange Commission filed a lawsuit accusing unnamed defendants of insider trading in Onyx call options before the drugmaker publicly rejected a takeover bid by Amgen and put itself up for sale.
Among tech stocks, Apple saw shares edge 0.13% higher, even as downbeat numbers from rivals Samsung and HTC earlier in the day sparked concerns that the market for smartphone makers may be reaching saturation.
Across the Atlantic, European stock markets were lower. The EURO STOXX 50 dropped 0.85%, France’s CAC 40 slid 0.39%, Germany's DAX plummeted 1.41%, while Britain's FTSE 100 shed 0.31%.
During the Asian trading session, Hong Kong's Hang Seng Index rallied 1.89%, while Japan’s Nikkei 225 Index surged 2.08%.