Oil prices extend gains as markets weigh strong US jobs data

Stocks were mixed Friday as markets weighed a surprisingly good US jobs report against concerns over tighteningmonetary policy, while oil prices pushed closer to $100 a barrel.

The United States added an unexpectedly robust 467,000 jobs in January, according to Labor Department data that also significantly raised employment increases for November and December.

For all latest news, follow The Daily Star’s Google News channel.

While the report suggests health in the world’s largest economy, another big rise in 10-year US Treasury note yields Friday focused concerns on expectations for multiple Federal Reserve interest rate hikes this year.

Worries about monetary tightening weighed on the Dow, while the S&P 500 and Nasdaq both finished higher.

All three major US indices finished the week in positive territory, with the S&P 500 winning 1.5 per cent.

Earlier, European bourses had retreated a day after the European Central Bank opened the door to…

Read more…