Major Wall Street and European stocks indices both took advantage on a weaker-than-expected US jobs data for August released last Friday.
The US non-farm payrolls fell short of expectations as it added only 151 000 last month, worse than economists’ forecast of 180 000 with the unemployment rate settling in 4.9%.
However, the US stocks advanced on Friday session despite the disappointing jobs data that sparked worries on potential interest rate hike.
The Dow Jones industrial average added up 72.66 points, or 0.39% to close at 18 491.96, gaining a much-needed boost from Boeing. The energy sector .SPNY, up 8%, helped S&P 500 to pace gains as it advances 9.12 points, or 0.43%, to finish at 2 179.98. The NASDAQ Composite rose 22.69 points, or 0.43%, to settle at 5 249.90.
In Europe, U.K.’s benchmark FTSE 100 index finished higher and was up 2.6%. The German DAX and France CAC gained 1.4% and 2.4% respectively.
Oil futures jumped into the green zone on Friday as it settled up nearly 3%, supported by a weaker dollar and lower employment data, but crude prices registered lower finish last week amid concerns about global glut.
The US job data of 151 000 boosted the commodities sector and caused the dollar to lose ground, closing at 95.88 against basket of major currencies.With a weaker dollar, the West Texas Intermediate crude oil were up $1.28, or 2.97% and was last trading at $44.44 per barrel while Global benchmark Brent crude futures added $1.27, or 2.77%, to finish $46.72 a barrel.