World stocks, commodities boom on US weak jobs data

TheStar Sat, May 08, 2021 06:25am - 2 years View Original


In brief: MSCI's benchmark for global equity markets closed up 0.94% at 710.79. Europe's broad FTSEurofirst 300 index added 0.84% to close at 1,712.4. Both indexes set new highs, as did Canada's Toronto Stock Exchange 300 Composite Index, which rose 0.94% to 19472.74. The German DAX rose 1.3%, inching closer to its lifetime high, while France's CAC 40 ended at its highest level since November 2000 and the UK's FTSE 100 breached the 7,100 mark for the first time since February 2020. On Wall Street, the Dow Industrials and S&P 500 hit new peaks. The Dow Jones Industrial Average rose 0.66%, the S&P 500 gained 0.74% and the Nasdaq Composite added 0.88%. For the week, the Dow rose 2.65%, the S&P500 1.23% and the Nasdaq slipped 1.51%.

NEW YORK/LONDON: Commodity prices jumped, the dollar slid to a two-month low and major global equity indexes scaled record peaks on Friday after weak U.S. jobs data for April tamped down fears that a booming economy would spark inflation and higher interest rates.

The data eased worries the Federal Reserve would reduce its massive stimulus program anytime soon and was seen as helping President Joe Biden push through his plans for trillions of dollars in new spending on infrastructure and education.

The yield on the benchmark 10-year U.S. Treasury note slid to a two-month low of 1.469% before rebounding. Gold posted its biggest weekly gain - about 3.5% - since early November and copper shot to a new high, past a record set a decade ago.

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