Opening Bell: U.S. Stocks Surge on Blowout June Jobs Report

U.S. stocks opened sharply higher on Friday amid better-than-expected June employment figures. The economy added 287,000 jobs during the month, beating estimates of 180,000. The unemployment rate rose to 4.9 percent, compared to 4.7 percent in May, as fewer people gave up looking for work. The three month average of job gains stood at 147,000. Plus, May's dismal jobs report was revised even lower, showing the economy added only 11,000 jobs during the month, compared to a previously reported 38,000. Meanwhile, average hourly earnings rose 2.6 percent year-over-year, compared to a 2.5 percent increase in May. Plus, Netflix (NFLX) - Get Report shares slumped after the analysts at Jefferies downgraded the stock to UNDER PERFORM from HOLD and cut its price target to $80 from $120 a share. Gap (GPS) - Get Report shares rose after reporting a two percent jump in same store sales in June to $1.57 billion, thanks to strength at its Old Navy stores. TheStreet's Scott Gamm reports from Wall Street.