Asian Markets are set to open higher after U.S. stocks rose, giving the Standard & Poor's 500 Index a fifth straight weekly advance, after reports showed employment in the world's largest economy topped forecasts and global manufacturing is strengthening.
The S&P500 rose 19.36 points, or 1.46%, to close at 1344.90. The Dow Jones Industrial Average finished 156.82 points higher, or 1.23%, at 12862.20, while the Nasdaq gained 45.98 points or 1.61%.
The S&P 500 has recovered after the European debt crisis drove the index down 19% between April 29 and Oct. 3, boosted by better-than-estimated economic data and corporate profits. It's 1.4% away from surpassing its peak nine months ago and reaching the highest since June 2008. This week's advance was propelled by the American unemployment rate dropping to a three-year low and manufacturing gauges in the U.S., China and Europe increasing.
The euro fell against the yen, dropping from a one-month high, as an unresolved Greek debt-swap agreement with private bondholders added to concern the region's fiscal crisis is far from over. The euro dropped 0.6% to 100.79 yen after touching 102.21 on Jan. 26, the highest level since Dec. 23. The shared currency fell 0.5% to $1.3158.
Oil gained for the first time in six days, paring a weekly decline, after the U.S. jobless rate fell to the lowest level in three years. Crude for March delivery gained $1.48 to settle at $97.84 a barrel on the New York Mercantile Exchange. Prices fell 1.7% this week.
Gold fell 1% on Friday, its biggest one-day loss in over a month, after encouraging U.S. payrolls data smashed hopes of extra stimulus from the Federal Reserve, which had been priced into bullion's recent rally. U.S. gold futures settled down $19 an ounce at $1,740.30.
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