GLOBAL MARKETS-Wall Street surges on jobs data, global equity markets regain ground

(New throughout, updates prices, market activity and comments)
By Suzanne Barlyn
NEW YORK, March 5 (Reuters) - Wall Street and a gauge of
global equity markets on Friday recovered from earlier losses as
investors took stock of a report that showed
faster-than-expected U.S. jobs growth but which had previously
stoked inflation concerns.
Trading was frantic across the globe, as Asian markets
dropped overnight while MSCI's all-country index was on its
longest losing streak in six months before clawing back.
All three main indexes bounced back from early losses.
Investors have been spooked this week as rising interest rates
offset optimism about an economic rebound.
Microsoft MSFT.O rallied 2.2%, boosting the S&P 500 more
than any other stock. "The market is consolidating itself around what is likely to
be some pretty healthy robust economic growth and
inflation-related readings out of the economy for the balance of
2021," said Jeff MacDonald, Head of Fixed-Income Strategies,
Fiduciary Trust International in New York. MacDonald said.
The Dow Jones Industrial Average .DJI rose 446.98 points,
or 1.45%, to 31,371.12, the S&P 500 .SPX gained 59.5 points,
or 1.58%, to 3,827.97 and the Nasdaq Composite .IXIC added
147.19 points, or 1.16%, to 12,870.66.
The pan-European STOXX 600 index .STOXX lost 0.78% and
MSCI's gauge of stocks across the globe .MIWD00000PUS gained
0.41%.
Emerging market stocks lost 0.65%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.88%
lower, while Japan's Nikkei .N225 lost 0.23%.
The U.S. economy created more jobs than expected in February
new COVID-19 cases fell and additional pandemic relief money
from the government boosted hiring at restaurants, putting the
labor market recovery on firmer footing.
Still, it will probably take several years for the economy
to heal from the deep scars inflicted by the pandemic, now in
its second year. The market remained volatile as it was on Thursday when
Federal Reserve Chairman Jerome Powell showed little alarm about
a rise in bond yields.
The yield on 10-year Treasury notes US10YT=RR was up 0.2
basis points to 1.552%. The yield climbed as high as 1.625%, its
highest since Feb 13, 2020.
Rising Treasury yields also bolstered demand for the dollar.
The dollar index =USD jumped to a three-month high of 91.935.
The dollar index =USD last rose 0.358%, with the euro
EUR= down 0.44% to $1.1913The Japanese yen weakened 0.33%
versus the greenback, last at 108.32 per dollar, its lowest
since June.
The British pound lost ground against a resurgent dollar on
Friday, as currency traders took some risk off the table amid
rising U.S. bond yields. Sterling fell to a three-week low against the dollar,
briefly dropping below $1.38. It was last down 0.45% at $1.3832.
GBP=D3
The dollar's strength also hit gold prices, which sank to a
nine-month low as investors sold the precious metal to reduce
the opportunity cost of holding the non-yielding asset. GOL/
Spot gold XAU= added 0.1% to $1,698.61 an ounce. U.S. gold
futures GCc1 gained 0.02% to $1,698.00 an ounce. Earlier, spot
gold was at $1,697 per ounce, trading below $1,700 for the first
time since June 2020.

Oil prices jumped after the Organization of the Petroleum
Exporting Countries and its allies agreed to mostly maintain
their supply cuts in April as they await a more solid recovery
in demand from the COVID-19 pandemic. O/R
U.S. crude CLc1 recently rose 3.48% to $66.05 per barrel
and Brent LCOc1 was at $69.31, up 3.85% on the day.
India, the world's third-biggest oil importer and consumer,
on Friday said the decision by major producers to extend output
cuts as prices move higher could threaten the consumption
led-recovery in some countries. "The decision by OPEC+ has saddened us. It is not good news
for India, China, Japan, Korea and other consuming nations,"
India's Minister for Petroleum and Natural Gas Dharmendra
Pradhan told Reuters.

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Global assets http://tmsnrt.rs/2jvdmXl
Global currencies vs. dollar http://tmsnrt.rs/2egbfVh
Emerging markets http://tmsnrt.rs/2ihRugV
MSCI All Country World Index Market Cap http://tmsnrt.rs/2EmTD6j
U.S. yields, inflation expectations and world stocks https://tmsnrt.rs/3biCx9l
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