- Djokovic hails Nadal 'legacy' as Alcaraz in 'shock' over retirement
- Obama hits campaign trail for Harris
- Delta eyes Election Day travel pullback as profits climb
- Djokovic tells Nadal: 'Your legacy will live forever'
- Ethel Kennedy, wife of RFK, dead at 96
- Zelensky denies ceasefire with Russia under discussion on trip
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- After long fight for glory, Nadal leaves with a legacy of memories
- Home hopes Zheng and Wang through to last-eight in Wuhan Open
- UN peacekeepers say Israel fired on Lebanon HQ, injuring 2
- UK's William and Kate in first joint public engagement since cancer treatment
- Alcaraz out as top players pay tribute to Nadal at Shanghai Masters
- Racing's Farrell 'not thinking' about British and Irish Lions
- Alcaraz, Sinner pay tribute to 'unbelievable' Nadal at Shanghai Masters
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- After K-pop, K-novels? South Korean Nobel win sparks joy, hope at home
- After Nadal exit, Djokovic left to rage against dying of the light
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Triple centurion Brook happy to break Dad's club record
- Zelensky touts 'victory plan' against Russia in Macron talks
- Musk finally unveiling his long-promised robotaxi
- UN peacekeepers accuses Israel of firing on Lebanon HQ
- London's Frieze art fair goes potty for ceramics
- Southgate taking year out from coaching
- US, Europe stocks fall on US inflation data
- Zelensky meets Macron in Paris as part of European tour
- Hurricane Milton shreds Florida stadium roof
- UN probe accuses Israel of seeking to 'destroy' Gaza healthcare
- US consumer inflation eases to 2.4% in September
- England in sight of victory after Brook's triple hundred
- Juventus readmitted to ECA after failed Super League revolt
- World number 2 Alcaraz knocked out of Shanghai Masters by Machac
- Leaders of Egypt, Eritrea, Somalia meet amid regional tensions
- Klopp's Red Bull decision 'ruined life's work' say Dortmund fans
- Han Kang wins South Korea's first literature Nobel
- S. Korea's Nobel winner Han Kang a modest, thought-provoking writer
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- The almost impossible job: Beating Rafael Nadal at the French Open
- New French government faces key test with budget plan
- Rescuers say Israeli strike on Gaza school kills 28
- Italy's ex-world champion gymnast Ferrari announces retirement
- Zelensky talks 'victory plan' in meeting with Starmer, Rutte
- South Korea's Han Kang wins literature Nobel
- Federer lauds retiring Nadal's 'incredible achievements'
- Ikea posts fall in annual sales after lowering prices
- Australia beat China 3-1 to resurrect World Cup campaign
- Stock markets diverge, oil gains after China rebounds
- Nadal defied injury woes in record-breaking career
- Nadal v Djokovic, French Open, 2006: Chapter One in epic rivalry
- World can't 'waste time' trading climate change blame: COP29 hosts
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US stocks rally on jobs data, shrugging off rising oil prices
Wall Street stocks rallied Friday following strong jobs data, shrugging off worries about higher oil prices and monetary policy.
US hiring rose much more than expected last month, according to government data published Friday, adding 303,000 jobs in March.
While the report indicates economic health, futures markets raised the odds that the Federal Reserve will keep the interest rate flat at the June policy meeting, which has been seen as the first candidate for interest rate cuts.
Expectations of lower US interest rate cuts has fueled an equity rally in recent months.
"This latest data set shows the US economy isn't losing heat," said Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown brokerage, with the jobs figures suggesting wages are likely to continue rising.
"Not only does this make the fight against inflation more difficult, it puts a potential pin in hopes for an interest rate cut in June," she added.
Nevertheless, Wall Street's three main indices advanced, with the broad-based S&P 500 index and tech-heavy Nasdaq Composite both gaining more than one percent.
Steve Sosnick of Interactive Brokers said some of the boost was a "relief" rally after Thursday's sell-off in the wake of worries over Middle East tensions.
But Sosnick said data suggests markets should be more fixated on economic dynamics "rather than how many rate cuts we're actually going to get."
- 'Escalation of tensions' -
Global oil prices topped $91 a barrel as worries intensified that Israel's war with Hamas could spiral into a broader conflict with major crude producer Iran.
That dampened sentiment in Asia and Europe, where major indices finished sharply lower.
"The risk-off tone to markets is driven by an escalation of tensions in the Middle East, after Israel said that it had increased preparations for a retaliatory strike by Iran after Israeli forces attacked Iran's diplomatic compound in Syria earlier this week," said XTB analyst Kathleen Brooks.
"Ever since the Israel/Hamas war started in October, the bigger risk for geopolitical security and thus for financial markets, has been a war between Iran and Israel," she said.
That prospect sent oil prices up more than one percent Thursday, stoking fears of elevated global inflation that could delay rate reductions.
Gold struck a new record high of $2,328.46 per ounce. Gold prices have been benefitting from the prospect of a drop in global interest rates as well as concern over unsustainable government debt levels.
- Key figures around 2130 GMT -
New York - Dow: UP 0.8 percent at 38,904.04 (close)
New York - S&P 500: UP 1.1 percent at 5,204.34 (close)
New York - Nasdaq Composite: UP 1.2 percent at 16,248.52 (close)
London - FTSE 100: DOWN 0.8 percent at 7,911.16 (close)
Paris - CAC 40: DOWN 1.1 at 8,061.31 (close)
Frankfurt - DAX: DOWN 1.2 percent at 18,175.04 (close)
EURO STOXX 50: DOWN 1.1 percent at 5,014.75 (close)
Tokyo - Nikkei 225: DOWN 2.0 percent at 38,992.08 (close)
Hong Kong - Hang Seng Index: FLAT at 16,723.92 (close)
Shanghai - Composite: Closed for a holiday
Dollar/yen: UP at 151.61 yen from 151.34 yen on Thursday
Euro/dollar: UP at $1.0841 from $1.0837
Pound/dollar: DOWN at $1.2637 from $1.2642
Euro/pound: UP at 85.75 pence from 85.72 pence
Brent North Sea Crude: UP 0.6 percent at $91.17 per barrel
West Texas Intermediate: UP 0.4 percent at $86.91 per barrel
burs-jmb/mdl
L.Durand--AMWN