World stocks extend gains on upbeat US jobs news
World stocks extend gains on upbeat US jobs news
World stocks extend gains on upbeat US jobs news
LONDON -- World stock markets rose sharply Friday after better thanDiamond Polishing pads expected U.S. #xjobs data reassured investors that the recovery in the world's largest economy remains on track.
In Europe, the FTSE 100 index of leading British shares closed up 72.60 points, or 1.3 percent, at 5,599.76, while Germany's DAX rose 82.04 points, or 1.4 percent, to 5,877.36. The CAC-40 in France ended 82.01 points, or 2.1 percent, higher at 3,910.42.
On Wall Street, the Dow Jones industrial average was up 85.93 points, or 0.8 percent, at 10,530.07 around midday New York time, while the broader Standard & Poor's 500 index rose 11.10 points, or 1 percent, to 1,134.07.
The buying momentum was fueled by the news that the U.S. unemployment rate held at 9.7 percentDiamond Polishing pads in February as employers shed fewer jobs than expected - the consensus in the markets was for a rise to 9.8 percent.
The Labor Department also said employers shed 36,000 jobs, below analysts' expectations of 50,000.
"The upshot was a fresh injection of confidence all round," said David Jones, chief market strategist at IG Index.
The monthly payrolls data, which often set the stock market tone for a week or two following their release, also contributed to big dollar gains against the yen,托盘, as investors priced in a greater probability that the U.S. Federal Reserve #xwill start raising borrowing costs Diamond Polishing padssooner than predicted.
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