MARKET COMMENT: Australian Stocks to Test Record Highs Friday

2147 GMT [Dow Jones] Australian stocks are expected to test record highs again Friday, with SFE Futures up 0.3%, after positive U.S. employment data helped drive Wall Street bluechips to a third straight advance. Australia's benchmark S&P/ASX 200 index closed Thursday at 5109.2 after hitting a 4 1/2-year high of 5135.7. In the U.S., the Dow Jones Industrial Average added 0.3%, the S&P 500 0.2% and the Nasdaq 0.3% after 340,000 initial claims for jobless benefits were filed in the latest week, less than the 350,000 expected. The reading comes ahead of Friday's closely watched non-farm payrolls data. Financial stocks led the bourse higher followed by the energy and material sectors, which will benefit from stronger growth in the world's biggest economy. West Texas Intermediate crude rose 1.3% to US$ 91.56/bbl and Comex gold gained 2.8% to US$1,577.70/troy ounce. Industrial metals markets were also encouraged by the U.S. employment data, with copper up 1%, lead 0.9% higher, zinc rising 0.6%. Aluminium gained 1.3%, nickel 0.8% and tin 0.7%. (Ross.Kelly@dowjones.com)

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  03-07-131702ET
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