Stocks rose Friday morning after the February jobs report bolstered hopes that the economic recovery is on track.
Employers added 227,000 jobs last month, finishing three of the best months for hiring since the recession began, the government said before the market opened. The unemployment rate was unchanged at 8.3 percent as workers streamed into the labor force.
The hiring was spread across a range of industries, including manufacturing, mining and professional services such as accounting.
Greece said earlier Friday that most of its private creditors had agreed to swap their bonds for new ones worth far less. The deal clears the way for a fresh bailout from Greece's neighbors. Fears of a Greek default have weighed on the market for two years.
The Dow Jones industrial average rose 17 points, or 0.1 percent, to 12,923 in the first half-hour of trading. It has nearly erased the week's losses, which include Tuesday's 203-point dive, the worst one-day drop so far this year.
The Standard & Poor's 500 index rose 3 points, or 0.2 percent, to 1,368. Eight of its ten industry groups rose. The only two to decline were utilities and consumer staples, safer bets that tend to do better when people are nervous about the economy. The S&P 500 is now flat for the week.
The Nasdaq composite average added 6 points, or 0.2 percent, to 2,976.
European markets rose modestly. Many traders there had been buying on the assumption that Greece would complete its debt-swap deal. Benchmark indexes in France, Britain and Germany rose about a half-percent.
Also Friday, the Commerce Department said the U.S. trade deficit surged in January to the widest imbalance in more than three years as imports hit an all-time high, reflecting rising demand for foreign-made cars, computers and food products.
Exports to Europe fell, raising concerns that economic contraction across most of the continent will hurt U.S. corporate profits.
The dollar rose and Treasury prices fell. The yield on the 10-year Treasury note rose to 2.05 percent from 2.02 percent late Thursday. Gold fell $10 to $1,688 an ounce.
Among stocks making big moves on Friday:
-- Green Mountain Coffee Roasters Inc. plunged 14 percent after its larger rival, Starbucks Corp., said it will start selling single-cup coffee machines. That could deflate demand for Green Mountain's Keurig machines. Starbucks rose 2 percent.
-- Texas Instruments fell 1.3 percent after the chip maker lowered its forecast for revenue and earnings in the first quarter, blaming weaker demand for wireless products.
-- Smith & Wesson Holding Corp. leaped 20 percent after the maker of guns and security systems beat analysts' expectations for third-quarter earnings and raised its full-year guidance.
Follow Daniel Wagner at www.twitter.com/wagnerreports .