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NEW YORK (Reuters) - Wall Street and a gauge of global equity markets rose on Friday as investors cheered signs of economic strength in a report that showed faster-than-expected U.S. jobs growth, data that initially stoked inflation concerns.
FILE PHOTO: The front facade of the New York Stock Exchange (NYSE) is seen in New York, U.S., March 1, 2021. REUTERS/Brendan McDermid
The session was marked by frantic trading across the globe. Asian markets dropped overnight. MSCI’s all-country index was on its longest losing streak in six months before clawing back.
All Wall Street’s main indexes closed higher, bouncing back from early losses. Investors were spooked this week by rising interest rates, which offset optimism about an economic rebound.
Oil prices jumped about 3% on Friday, hitting their highest levels in more than a year, following a stronger-than-expected U.S. jobs report and a decision by OPEC and its allies not to increase supply in April.
As a mini-tantrum raged on bond markets on Feb. 25, the U.S. Treasury auctioned $62 billion in seven-year notes. But investors, it would appear, forgot to show up. The lowest bid-cover ratio of 2.04 on record sent 10-year Treasury yields rocketing to a one-year high above.