U.S. equities traded higher, with financials leading, following a stronger-than-expected employment report. The Dow Jones industrial average jumped around 170 points, with Goldman Sachs contributed the most gains. The S&P 500 rose 0.6 percent, with financials advancing more than 1.5 percent. The Nasdaq composite gained 0.4 percent.
The U.S. economy added 227,000 jobs in January, while the unemployment rate ticked higher to 4.8 percent, the Bureau of Labor Statistics said Friday. Economists polled by Reuters expected payrolls to grow by 175,000 with the unemployment rate holding steady."It's better than expected and much better on the private payrolls," said Art Hogan, chief market strategist at Wunderlich Securities. "When you see the unemployment rate go higher for the right reason, that's a positive".