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U.S. stocks mixed, despite strong jobs report

Trader Gregory Rowe works on the floor of

Trader Gregory Rowe works on the floor of the New York Stock Exchange on Friday, Dec. 2, 2016. Photo Credit: AP / Richard Drew

HONG KONG

U.S. stocks opened cautiously Friday despite a strong jobs report that indicated strength in the labor market and a stronger case for an interest rate hike.

The Dow Jones industrial average which has been on a strong rally all week, was down and other indexes, which had been down most of the week, were up

ON WALL STREET: In early trading, the Dow Jones was down 21.4 points, about 0.1 percent, at 19,170.5. The Standard & Poor’s 500 index was up 3.7 points, about 0.2 percent, at 2,194.7. The Nasdaq composite was up 18.5 points, about 0.4 percent at 5,269.4.

OIL PRICES: In early trading, benchmark U.S. crude was up 27 cents at $52.23 a barrel in electronic trading on the New York Mercantile Exchange. In London on the Intercontinental Exchange Europe, Brent crude, the standard for pricing international oils, gained 31 cents to $54.25 a barrel. Oil prices fell overnight.

Crude futures jumped earlier in the week after the members of OPEC, which collectively produce more than one-third of the world’s oil, agreed to a small cut in production starting in January. “Crude seems to be trying to move to a new trading range each side of $55 a barrel,” said OANDA analyst Jeffrey Halley.

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