US STOCKS-Wall St opens higher as investors cheer jobs data
* 287,000 jobs added in June; unemployment rises 4.9 pct
* Bank stocks lead S&P 500
* Indexes up: Dow 0.69 pct, S&P 0.68 pct, Nasdaq 0.66 pct (Updates to open)
By Yashaswini Swamynathan
July 8 (Reuters) - Wall Street was higher on Friday after data showed that the U.S. economy posted its largest job gains in eight months in June, strongly rebounding from dismal numbers in May.
The economy added 287,000 jobs in the public and private sectors in June, compared with the 175,000 expected by economists. The payroll count for May was revised down to 11,000 from the previously reported 38,000.
The robust data confirms the sentiment that the May report was an aberration and not indicative of weakness in the labor market.
Unemployment in June rose to 4.9 percent, compared with the estimate of 4.8 percent. A reading below 5 percent indicates full employment.
"It looks like the markets are heaving a big sigh of relief here in that it wasn't a continued weakness that would concern the market of a broader economic slowdown," said Michael Arone, chief investment strategist, State Street Global Advisors in Boston. Continuación...