Global equity markets surged and the dollar rose against the yen on Friday after stronger-than-expected U.S. jobs data gave investors confidence the economy is strong enough to withstand an expected reduction in Federal Reserve stimulus.
By PAN PYLAS Associated Press LONDON - Global stocks rose Friday as investors welcomed forecast-busting U.S. jobs data, even though they reinforced expectations that the Federal Reserve will begin to reduce its monetary stimulus this month.
U.S. employers hired more workers than expected in November and the jobless rate fell to a five-year low of 7.0 percent, heightening expectations the Federal Reserve will soon start ratcheting back its bond-buying stimulus.
European stocks snapped their longest losing streak in six months on Friday, boosted by Swiss food firm Nestle as it sold its Givaudan stake, potentially freeing up more than a billion dollars for buybacks or acquisitions.
The euro jumped to its highest level against the dollar in more than a month on Thursday after European Central Bank President Mario Draghi signaled that the bank doesn't have any immediate plans to ease policy further.