U.S. stock indices closed higher on Friday despite early loss as rising oil prices were taken for a sign of positive developments. Nowadays gains in crude prices are good for the market on the whole.
The Dow Jones Industrial Average rose 200.36 points, or 1.2%, to 16,472.37 ( 1% over the week). The S&P 500 gained 27.54, or 1.4%, to 1,951.36 ( 1% over the week). The Nasdaq Composite Index added 80.69, or 1.7%, to 4,707.78 ( 0.5% over the week).
An anticipated report showed on Friday that the U.S. economy generated 142,000 jobs in September compared to the expected 200,000.The unemployment rate remained at 5.1%. However some analysts say that a weaker-than-expected jobs report does not mean that U.S. corporate profits will fall over the long-term period.
This morning in Asia Hong Kong Hang Seng rose 1.73%, or 371.80, to 21,877.89. The Nikkei rose 1.74%, or 308.81, to 18,033.94. Markets in China are on holiday until Wednesday.
Asian stocks gained as weak U.S. employment data eased concerns over a looming rate hike by the Federal Reserve. Meanwhile the same jobs report suggested that the U.S. economy felt the consequences of an economic slowdown in China. This intensified expectations of changes to monetary policy of the central bank of China.