Strong US jobs report triggers stock market rally

Published on NewsOK Modified: May 3, 2013 at 11:23 am •  Published: May 3, 2013
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Earlier, in Asia, Hong Kong's Hang Seng rose 0.1 percent to close at 22,689.96. South Korea's Kospi rose 0.4 percent to 1,965.71 and Australia's S&P/ASX 200 was nearly unchanged at 5,129.50.

Mainland Chinese stocks posted sharp gains, but that was likely due to bargain-hunting after a sharp fall the day before. The Shanghai Composite Index jumped 1.4 percent to 2,205.5 while the Shenzhen Composite Index gained 2 percent to 936.58.

Markets in Japan were closed for a public holiday.

In commodity markets, the benchmark oil contract for June delivery was up $1.80 to $95.79 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose $2.96, or 3.3 percent, on Thursday, the biggest one-day gain for crude since November.

In currencies, the euro rose 0.3 percent to $1.3110, recovering somewhat from sharp losses the day before, when the European Central Bank on Thursday cut interest rates. The dollar rose 1.2 percent against the Japanese yen, to 99.12 yen.

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Pamela Sampson in Bangkok contributed to this report.