US stocks higher with strong jobs report

By Ovunc Kutlu

ANKARA (AA) - US stocks opened higher Wednesday with a strong private payrolls report that fueled a recovery from losses during the previous session that was caused by the deepening war in Ukraine.

The Dow Jones industrial average was up 336 points, or 1.01%, to 33,633 at 10.07 a.m. EDT. The S&P 500 rose 34 points, or 0.8%, to 4,340.

The Nasdaq increased 40 points, or 0.3%, to reach 13,573.

US private payrolls rose 475,000 in February, ADP Research Institute said in its national employment report. The January figure, in addition, was revised up from a decline of 301,000 to a rise of 509,000.

With confidence in the labor market, the VIX volatility index fell 1.7% to 32.76.

The dollar index, however, rose 0.18% to 97.59, while the yield on 10-year US Treasury notes increased 4.76% to 1.792%.

Precious metals were in retreat, with gold falling 0.7% to $1,931 per ounce and silver shaving 1% to $25.12 an ounce.

Amid the Ukraine-Russia war, oil prices have continued to climb.

Brent crude was trading at $110.5 per barrel, rising 5.2%, while US benchmark West Texas Intermediate crude was at $108.4 a barrel -- a 4.8% gain.