Dow Jones, Nasqaq, S&P 500, And 10-Year Treasury Yield Jump Higher After Jobs Report

Waves of positivity swept the markets on Friday after data showed faster-than-expected jobs growth in February, reinforcing bets on an economic rebound driven by massive fiscal stimulus and vaccination drives.

The Dow Jones Industrial Average rose 105.0 points, or 0.34 percent, at the open to 31029.18. The S&P 500 rose 25.1 points, or 0.67 percent, at the open to 3793.58, while the Nasdaq Composite rose 136.6 points, or 1.07 percent, to 12860.039 at the opening bell.

READ MORE: U.S. Stock Futures Warming Up To A Recovery After Bond Selloff

The benchmark 10-year Treasury yield, a vital benchmark for global debt markets, climbed as much as 0.06 points to 1.624 percent, the highest level in a year. It later receded to 1.58 percent.

The labour department reported that the US added 379,000 jobs in February, significantly higher than the predicted 200,000 by economists. The fresh sign of a strong economic recovery reignited investors belief that resurgent inflation would hit returns on their bond holdings.

On Thursday, Powell's comments sent bond yields as well as global markets falling, with Asian and European markets feeling the heat in early Friday trading.