LONDON: U.S. stocks closed more than 1 percent higher Friday, recovering from an initial decline of more than 1.5 percent, as investors digested higher oil prices and a weaker-than-expected jobs report.
“The poor employment report put a footing to the market because it provided a way for the market to understand where it is,” said Robert Pavlik, chief market strategist at Boston Private Wealth. It “really did accomplish something even though it was weaker-than-expected. … Now you have a market that I see is on better footing going into earnings season.”
The major averages closed at session highs, with the Dow Jones industrial average up 200 points after earlier falling as much as 258 points.
The Dow and S&P 500 closed up more than 1 percent for their biggest intraday upside reversal since Oct. 4, 2011.
