Reuters: US Dollar Report: GLOBAL MARKETS-Stocks, oil rally on US job gains, Europe hope

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GLOBAL MARKETS-Stocks, oil rally on US job gains, Europe hope Aug 3rd 2012, 16:45 Fri Aug 3, 2012 12:45pm EDT * Euro stages recovery after ECB-linked sell-off * U.S. job growth more than expected; oil rises * S&P 500 gains more than 2 pct By Caroline Valetkevitch NEW YORK, Aug 3 (Reuters) - U.S. stocks rose 2 percent, Brent oil prices climbed 3 percent and the euro surged o n F riday on news U.S. employers increased hiring in July by the most in five months and optimism that Europe was closer to action on its debt crisis. Investors took a second look at Thursday's statement by European Central Bank President Mario Draghi and concluded that help was on the way even though it would take more time than many hoped. "A lot of market participants began to rethink yesterday's ECB statement and look at it from a more positive perspective. Overall, a lot of investors thought, 'maybe it's not as bad as it originally sounded,'" said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont. The U.S. jobs report showed stronger-than-expected hiring but also a rise in the unemployment rate to 8.3 percent, which keeps alive the hope of further support for the economy from the Federal Reserve. The jobs data came at the end of a volatile week, packed with Fed and ECB policy meetings that disappointed those hoping for more aid for the U.S. economy and Europe's debt-stricken nations. "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 at Wells Fargo Private Bank in Scottsdale, Arizona. The euro rose as high as $1.2386 on Reuters data and was last up 1.7 percent at $1.2385, on track for its best day since the end of June. The dollar gained 0.5 percent against the yen, to 78.58 yen, after hitting a two-week high of 78.77. The MSCI world equity index was last up 2.0 percent, while European shares gained 2.5 percent. On Wall Street, the Dow Jones industrial average was up 250.02 points, or 1.94 percent, at 13,128.90. The Standard & Poor's 500 Index was up 28.45 points, or 2.08 percent, at 1,393.45. The Nasdaq Composite Index was up 63.21 points, or 2.17 percent, at 2,972.98. In the oil market, September Brent crude shot up to a session high of $109.13, gaining $3.23, or 3.05 percent, while NYMEX crude for September delivery hit a session high of $91.15 a barrel, up $4.02, or 4.61 percent. Gold also climbed, with spot gold up 0.8 percent at $1,602.30 an ounce. 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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