* Stocks rise as investors see bright side of jobs data
* Yen, bonds fall after U.S. jobs report eases fears
* Oil gains slightly, riding stocks higher on jobs data
(Updates with close of U.S. markets)
By Herbert Lash
NEW YORK, Sept 4 (Reuters) - Global equities surged and
U.S. oil eked out a gain on Friday on news that U.S. job losses
last month were the smallest in a year.
U.S. Treasuries slipped and gold eased back from a march
toward $1,000 an ounce this week after the jobs data dimmed the
allure of safe havens like government debt and precious metals.
For more see: [] [].
The yen, which has gained thanks to rising risk aversion,
also slipped after the Labor Department report showed U.S.
employers cut fewer jobs than expected in August, reinforcing
recent data pointing to an economic recovery. []
Other major currencies earlier had see-sawed as traders
said the jobs data was a mixed bag, with light trading ahead of
the U.S. Labor Day holiday adding to volatility.
European stocks closed higher on Friday, snapping four days
of losses, and the three main U.S. equity indexes jumped 1
percent or more. Most Asian markets also climbed higher.
The U.S. jobless rate climbed to 9.7 percent last month,
the highest since June 1983. The increase suggests consumer
spending will remain weak and impede the U.S. economy's
recovery from the worst recession in seven decades.
However, employers cut 216,000 jobs, the smallest losses
since August 2008, even as payroll losses in June and July were
49,000 more than initially estimated. []
"Investors are viewing the nonfarm payrolls report
favorably," said Todd Salamone, vice president of research at
Schaeffer's Investment Research in Cincinnati. "There was some
fear built in ahead of this report after we had a dismal start
to the week."
The Dow Jones industrial average <> closed up 96.66
points, or 1.03 percent, at 9,441.27. The Standard & Poor's 500
Index <.SPX> gained 13.16 points, or 1.31 percent, at 1,016.40.
The Nasdaq Composite Index <> rose 35.58 points, or 1.79
percent, at 2,018.78.
U.S. crude <CLc1> settled at $68.02 a barrel, up 6 cents,
but London Brent crude <LCOc1> fell 30 cents to close at $66.82
even after British and European equity markets closed higher.
"The jobless report provided a mixed bag of information
that failed to provide much insight into future economic or oil
demand trends," said Jim Ritterbusch, president of Ritterbusch
& Associates in Galena, Illinois.
"However, a significant stock market advance combined with
a weakening dollar managed to bring some buying interest back
into the front of the crude curve," he added.
The pan-European FTSEurofirst 300 <> index of top
shares closed up 1.3 percent at 962.42 in a choppy session.
Banks and minders were the major gainers.
The dollar was up 0.4 percent against the yen at 93.01 yen
<JPY=>, after hitting a session low of 92.26 yen.
The euro rose 0.4 percent to $1.4303 <EUR=>, near the
session high of $1.4327, and against the yen was up 0.8 percent
at 133.02 yen <EURJPY=R>.
New York gold futures ended lower as strong investment
demand failed to push prices over the psychological mark of
$1,000 an ounce. []
The December gold contract <GCZ9> settled down $1 at
$996.70 an ounce in New York.
Benchmark 10-year Treasury notes were trading 28/32 lower
in price to yield 3.44 percent. The 30-year bond <US30YT=RR>
was down 1-30/32 to yield 4.27 percent.
Asian stock markets mostly edged higher, with MSCI's index
of Asia Pacific stocks traded outside Japan <.MIAPJ0000PUS> up
1.4 percent. The Nikkei index <> ended down 0.3 percent,
however, at a five-week closing low.
(Reporting by Chuck Mikolajczak, Nick Olivari, Rebekah Kebede
and Burton Frierson in New York, and Jessica Mortimer and
Joanne Frearson in London; Writing by Herbert Lash; Editing by
Leslie Adler)
