Dollar slips, global stocks flat after U.S. jobs data
By Herbert Lash
NEW YORK (Reuters) - The dollar slipped and global equity markets were little changed on Friday after the U.S. jobs report for October trailed expectations even while showing solid growth, taking the edge off a months-long rally in both the greenback and stocks.
Employers added 214,000 jobs in October and unemployment fell to a six-year low of 5.8 percent, underscoring the U.S. economy's resilience while the global economy faces slowing demand.
Yields on U.S. Treasuries came off one-month peaks posted shortly before the release of the Labor Department report. The October job gain was below the 231,000 increase forecast by economists polled by Reuters.
Wall Street ended little changed on Friday, though the Dow and the S&P 500 eked out record closing highs and the three major indexes all managed to post gains for the week.
MSCI's all-country world index .MIWD00000PUS, a gauge of stock performance in 45 countries, see-sawed around break-even, suggesting equities were poised for further gains.
"It's hard to not bet on the economy, with the fundamentals looking like a full house: earnings are rock solid, we're growing at a nice pace and confidence is up," said David Kelly, chief global strategist for JPMorgan Funds in New York.
"The number was slightly weaker than expected, but until we see real weakness or higher interest rates, we'll continue to be overweight on equities," he said.
Employment gains have now topped the 200,000 mark for nine straight months, the longest stretch since 1994. Continued...