U.S. Stocks Rise With Dollar on Payroll Report; Crude Tumbles
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U.S. stocks rose with the dollar while Treasuries fell as data on American payrolls and services industries boosted confidence in the economy. European equities rebounded from the biggest drop in 15 months, while gold erased its gain for the year.
The Standard & Poor’s 500 Index rose 1.1 percent at 4 p.m. in New York, paring a weekly decline to 0.8 percent. The Stoxx Europe 600 Index gained 1 percent after a 2.4 percent rout yesterday. The Bloomberg Dollar Spot Index climbed to a four-year high. Yields on 10-year Treasuries advanced one basis point to 2.44 percent. Gold futures fell below $1,200 an ounce to the lowest level since Dec. 31. Brent crude moved closer to a bear market after dropping 4.9 percent this week.