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US markets race higher on jobs surprise

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01/11/2012
US stock markets powered ahead after the opening bell as private sector jobs data released today painted a much brighter picture than analysts had expected.
US markets race higher on jobs surprise

US companies added 158,000 jobs in October, according to the latest ADP payroll data, way above the consensus figure of 88,000.

Unemployment has been seen as one of the big problems holding the US recovery back, but with a number much higher than expected, markets raced higher.

The Dow was 1.25% up shortly after open at 13,259 points, while the S&P 500 was 1.05% higher at 1,426.

Investors will be watching for tomorrow’s non-farm payroll data as another indicator of the health of the world’s largest economy as it gears up for the presidential election on 6 November.

Overseas, European markets were also buoyant in the afternoon session, with the FTSE up 1.32% to 5,859, and the EuroStoxx climbing 1.34% to reach 2,537.

Driving the FTSE 100 were BT, rising 7%, and BSkyB, up 6.8% after their Q3 results were well received by investors today.

Meanwhile Lloyds shares were up 8.55% by 3pm after its PPI mis-selling liabilities were lower than the market had feared. Shell and Legal & General also gained following their results earlier today.

Among the fallers on the FTSE was BG Group, down 4% today after heavy falls of almost 20% yesterday, after the firm reported a pessimistic outlook for future growth.

Meanwhile, on the macro side, a better than expected reading of Chinese manufacturing data helped to lift sentiment.

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