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European stocks advance on strong US jobs data
Muhammad Iqbal
06 Dec, 2013
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![](https://i.brecorder.com/images/2013/12/european-451.jpg">LONDON: European stock markets posted solid gains on Friday following unexpectedly strong US jobs data, despite this raising the odds that the Federal Reserve could soon reduce its huge stimulus injections.</P><P>London's benchmark FTSE 100 index rose 0.83 percent at 6,551.99 points, while Frankfurt's DAX 30 jumped 0.96 percent to 9,172.41 points and the CAC 40 in Paris added 0.72 percent to 4,129.37 points.</P><P>Milan tacked on 0.73 percent and Madrid edged up 0.9 percent.</P><P>European indices had trod water for much of the day but then shot up after the US Labor Department announced that the country's jobless rate fell sharply to 7 percent in November, the lowest level in five years.</P><P>The drop in the rate, from 7.3 percent in October, was unexpected, and was accompanied by the creation of a solid 203,000 jobs.</P><P>US stocks also bounced higher, despite positive data often sending stocks tumbling as investors see it as a sign the Federal Reserve could soon begin cutting its bond-buying programme from the current $85 billion per month.</P><P>In midday trading, the Dow Jones Industrial Average surged 0.99 percent to 15,978.43 points.</P><P>The broad-based S&P 500 advanced 0.92 percent to 1,801.38 while the tech-rich Nasdaq Composite Index added 0.78 percent to 4,064.81.</P><P>Marcus Bullus, trading director at MB Capital, said )