Friday, February 3, 2012

World shares higher after US job data

A surge in hiring in the world's largest economy last month drove the Nasdaq to an 11-year high as optimism grew that the labor market is on a steady path to recovery.

The Dow Jones industrial average was up 153.49 points, or 1.21 percent, at 12,858.90. The Standard & Poor's 500 Index was up 19.12 points, or 1.44 percent, at 1,344.66. The Nasdaq Composite Index was up 45.66 points, or 1.60 percent, at 2,905.34.

European shares made their highest weekly gain since late December, surging past a resistance level, after forecast beating US non-farm payrolls data raised optimism about an economic recovery, which could boost company earnings.

he FTSEurofirst 300 index of top European shares provisionally closed up 1.6 percent at 1,076.27 points after being as low as 1,056.55 and rose 3.4 percent for the week.

Japan's Nikkei share average fell for the first time in four days ahead of US jobs data, though Sony Corp soared as investors hoped a new CEO would turn things around after it forecast a $2.9 billion annual loss.

The Nikkei slipped 0.5 percent to 8,831.93, ending a flat week but still up 4.5 percent this year.In a bullish signal for stocks, the benchmark's 25-day moving average broke above its 75-day average this week to create a "Golden Cross."The broader Topix slipped 0.2 percent to 760.69.