Global stocks jump on strong US jobs data

NEW YORK - A measure of stocks across the globe rose for a fourth straight day on Thursday after June US payrolls grew by a record 4.8 million, but investors also flocked to the safehaven dollar and US Treasuries on concerns about surging COVID-19 cases in many US states.

Several states, along with some other parts of the world, are reversing or pausing reopenings to tackle a recent surge in infections, leaving analysts worried about another selloff in financial markets if the damage mounts.

June’s job survey, which saw the unemployment rate fall to near 11 per cent and average wages drop 1.2 per cent, was taken just as the spike in COVID-19 cases started to accelerate. Over 31 million Americans were still collecting unemployment checks weekly.

The Dow Jones Industrial Average rose 92.39 points, or 0.36 per cent, to 25,827.36, the S&P 500 gained 14.15 points, or 0.45 per cent, to 3130.01 and the Nasdaq Composite added 53.00 points, or 0.52 per cent, to 10,207.63.