Reuters: US Dollar Report: GLOBAL MARKETS-Stocks, oil rally on U.S. job gains

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GLOBAL MARKETS-Stocks, oil rally on U.S. job gains Aug 3rd 2012, 15:57 Fri Aug 3, 2012 11:57am EDT * Euro stages recover after ECB-linked sell-off * U.S. job growth more than expected; oil rises * U.S. stocks rise, S&P 500 gains more than 2 pct By Caroline Valetkevitch NEW YORK, Aug 3 (Reuters) - U.S. stocks surged and oil prices climbed more than 4 percent o n F riday after a report showed U.S. employers increased hiring in July by the most in five months. The dollar and euro rose, while the safe-haven yen dropped more than 1 percent against the euro, Australian, Canadian and New Zealand dollars. Wall Street's S&P 500 index climbed more than 2 percent, while the dollar hit a two-week high against the yen. Non-farm payrolls rose 163,000 last month, the Labor Department said, beating economists' expectations of a 100,000 gain and offering hope of improvement in the world's largest economy. "After everything that has been going on with Europe and central banker disappointment the markets were priced for disappointment and anything above a disappointment would get a positive response," said Ron Florance, managing director of investment strategy, Wells Fargo Private Bank in Scottsdale, Arizona. The dollar rose against the yen to 78.77, the strongest level since July 20. It was last up 0.6 percent at 78.70 yen. The euro rose against the greenback and was up 0.7 percent at $1.2272. Before the U.S. jobs data, world stocks and the euro rose as investors decided the European Central Bank was committed to tackling the region's debt crisis despite taking no action this week. The ECB had kept rates unchanged and dashed hopes of any immediate action to ease the borrowing costs of Spain and Italy on Th ursday, although it did suggest that under certain conditions it would consider purchasing bonds, The MSCI world equity index was last up 2.0 percent, while European shares gained 2.4 percent. On Wall Street, the Dow Jones industrial average was up 240.30 points, or 1.87 percent, at 13,119.18. The Standard & Poor's 500 Index was up 27.97 points, or 2.05 percent, at 1,392.97. The Nasdaq Composite Index was up 62.54 points, or 2.15 percent, at 2,972.31. Brent and U.S. crude futures extended early price gains after the jobs data. Brent September crude was up $2.50 at $108.40 a barrel and U.S. September crude rose $3.05 at $90.18 a barrel. U.S. Treasury prices weakened on the labor data. The benchmark 10-year U.S. Treasury note down 30/32, the yield at 1.58 percent. Link this Share this Digg this Email Reprints

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