U.S. markets ended higher on Friday as markets assessed a pending agreement between Iran and Oman that would set rules for transit of the Strait of Hormuz. The strength on Wall Street came amid easing concerns about the outlook for interest rates after the Labor Department released a report unexpectedly showing a modest decrease in U.S. employment in the month of July. The Labor Department said non-farm payroll employment fell by 23,000 jobs in July after rising by a downwardly revised 20,000 jobs in June. The street had expected employment to climb by 88,000 jobs compared to the addition of 57,000 jobs originally reported for the previous month. On the sectoral front, gold stocks moved sharply higher along with the price of the precious metal, driving the NYSE Arca Gold Bugs Index up by 7.4 percent to its best closing level in well over two months. Substantial strength was also visible among computer hardware stocks, as reflected by the 4.4 percent spike by the NYSE Arca Computer Hardware Index.
Nasdaq increased 342.26 points or 1.3 percent to 26,690.61, S&P 500 rose 47.68 points or 0.62 percent to 7,757.64 and Dow Jones Industrial Average was up by 151.83 points or 0.28 percent to 54,036.93.
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