Investing.com - U.S. stocks were broadly higher on Friday after better-than-expected U.S. employment data for June bolstered expectations that the Federal Reserve will soon start to taper its bond purchasing program.
The Dow Jones industrial average was up 0.98% on Friday and ended the week 1.5% higher. The S&P 500 also gained 0.98%, leaving it up 1.6% for the week. The Nasdaq climbed 0.74% on Friday to end the week 2.2% higher.
The Department of Labor said the U.S. economy added 195,000 jobs in June, more than the 165,000 increase forecast by economists. May's figure was revised up to 195,000 from a previously reported 175,000. The unemployment rate remained unchanged at 7.6% in June.
Fed Chairman Ben Bernanke said last month the bank could begin tapering its USD85 billion-a-month asset purchase program by the end of 2013 and wind it down completely by the middle of 2014 if the economy picks up as the central bank expects.
The dollar rallied to five-week highs against the yen and six-week highs against the euro following the data.
In Europe, the benchmark Stoxx Europe 600 was down 1.3% on Friday, after rallying on Thursday in the wake of dovish comments by the European Central Bank and the Bank of England.
The ECB and the BoE indicated Thursday that interest rates will remain low for an extended period of time, to help bolster economic growth in their faltering economies.
Britain's FTSE 100 was down 0.72% on Friday following a 3% rally on Thursday.
In Asia, Japan's Nikkei rallied 2.08% on Friday, following strong gains in European markets on Thursday. U.S. markets were closed for the Independence Day holiday on Thursday. Elsewhere, Australia's S&P ASX 200 rose 0.98% and the Hang Seng 40 advanced 1.89%.
Gold futures were sharply lower on Friday, with gold futures for August delivery tumbling 2.4% on Friday to settle the week at USD1,221.95 a troy ounce following the nonfarm payrolls report.
Oil prices ended Friday's session at the highest level since May 2012, with crude futures for delivery in August jumping 2.2% to USD103.48 a barrel.
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