World stocks advance on US jobs data
World stocks rose on Friday and were on track for their biggest weekly gain since March 2009 as US data showed a drop in the jobless rate, while the euro fell after four days of gains.
US stocks rose but were off their highs of the day. The Dow Jones industrial average was up 31.03 points, or 0.26 percent, at 12,051.06. The Standard & Poor's 500 Index was up 4.43 points, or 0.36 percent, at 1,249.01. The Nasdaq Composite Index was up 9.58 points, or 0.36 percent, at 2,635.78.
The S&P 500 was also on track for its best weekly percentage gain since March 2009. An index of European stocks rose 1 percent.
European shares rose, recording their biggest percentage weekly gain since late 2008 on hopes euro zone leaders were coming together to find a solution to the debt crisis.
The STOXX Europe 600 Banking Index rose 4.3 percent after French President Nicolas Sarkozy said he and German Chancellor Angela Merkel would put forward joint proposals to achieve greater fiscal integration in Europe and support countries in difficulty.
Germany's Commerzbank and France's BNP Paribas , both up around 10 percent, were among the top gainers after unveiling key management changes.
They helped the FTSEurofirst 300 close 1 percent higher at 985.34, for a weekly gain of 8.5 percent, after a 21 percent drop since July.
In Asia, the Nikkei average extended gains to log its biggest weekly advance in two years today, though the mood was far from upbeat given uncertainty over whether Europe will next week manage to cobble together steps to counter the debt crisis there.The benchmark Nikkei added 0.5 percent to 8,643.75, for a weekly gain of 5.9 percent, its biggest since the first week of December 2009. In one positive technical sign, the Nikkei stayed comfortably above its 25-day moving average, at 8,573.
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