Asian Markets are set to open higher after U.S. stocks rose, giving the Standard & Poor’s 500 Index a fifth straight weekly advance, after reports showed employment in the world’s largest economy topped forecasts and global manufacturing is strengthening.
The S&P500 rose 19.36 points, or 1.46%, to close at 1344.90. The Dow Jones Industrial Average finished 156.82 points higher, or 1.23%, at 12862.20, while the Nasdaq gained 45.98 points or 1.61%.
The S&P 500 has recovered after the European debt crisis drove the index down 19% between April 29 and Oct. 3, boosted by better-than-estimated economic data and corporate profits. It’s 1.4% away from surpassing its peak nine months ago and reaching the highest since June 2008. This week’s advance was propelled by the American unemployment rate dropping to a three-year low and manufacturing gauges in the U.S., China and Europe increasing.
The euro fell against the yen, dropping from a one-month high, as an unresolved Greek debt-swap agreement with private bondholders added to concern the region’s fiscal crisis is far from over. The euro dropped 0.6% to 100.79 yen after touching 102.21 on Jan. 26, the highest level since Dec. 23. The shared currency fell 0.5% to $1.3158.
Oil gained for the first time in six days, paring a weekly decline, after the U.S. jobless rate fell to the lowest level in three years. Crude for March delivery gained $1.48 to settle at $97.84 a barrel on the New York Mercantile Exchange. Prices fell 1.7% this week.
Gold fell 1% on Friday, its biggest one-day loss in over a month, after encouraging U.S. payrolls data smashed hopes of extra stimulus from the Federal Reserve, which had been priced into bullion’s recent rally. U.S. gold futures settled down $19 an ounce at $1,740.30.
INDICES
Last Traded
SPI 200 future 4278
S&P500 Index 1344.90
Dow Jones 12862.20
FTSE 100 Index 5901.07
COMMODITIES
Last Traded
Gold 1740.30
Oil (Nymex) 97.84
CURRENCIES
Last Traded
AUDUSD 1.0763
EURUSD 1.3124
GBPUSD 1.58015
USDJPY 76.57
Source
Bloomberg, Dow Jones News