Stocks and the dollar are moving higher as traders welcome a stronger-than-expected US employment report, cementing evidence that the labour market in the world’s biggest economy is picking up steam.
The FTSE All-World equity index is up 0.6 per cent, while US Treasury yields are firmer as investors tweak monetary policy expectations. Commodities are mixed, however, some hurt by the stronger buck, while the yen is getting hammered on yield differential calculations.
The S&P 500 in New York is up 0.7 per cent to 1,335, pushing Wall Street’s benchmark within 10 points of February’s cyclical high of 1,344, with animal spirits boosted by news of Nasdaq and the ICE’s $11.3bn counter-bid for the NYSE.