TOKYO – Asian stocks rose Monday as a U.S. jobs report raised hopes the Federal Reserve will bide its time before raising interest rates. A stronger dollar helped push Japan’s benchmark higher.
KEEPING SCORE: Japan’s Nikkei 225 added 0.7 percent to finish at 17,037.63. South Korea’s Kospi gained 1.1 percent to 2,061.00. Hong Kong’s Hang Seng rose 1.6 percent to 23,645.90, while the Shanghai Composite edged up 0.2 percent to 3,074.12. Australia’s S&P/ASX 200 climbed 1.1 percent to 5,429.60.
U.S. JOBS: Job gains slowed in most major industries in August and wages rose only slightly. The long streak of job growth has been inconsistent over the last few months. The Federal Reserve raised interest rates slightly in December and wants to gradually bring them back closer to where they were before the financial crisis of 2008. But most investors didn’t expect rates to rise this month, and the jobs report appeared to confirm that.
WALL STREET: The Dow Jones industrial average added 72.66 points, or 0.4 percent, to end last week at 18,491.96. The Standard & Poor’s 500 index rose 9.12 points, or 0.4 percent, to 2,179.98. The Nasdaq composite gained 22.69 points, or 0.4 percent, to 5,249.90.
THE QUOTE: “Overall, jobs data continue to paint the broad recovery picture in the labor market. And this does not change the view that the Fed is still on course to tighten policy,” said Cynthia Jane Kalasopatan, Singapore Treasury Division at Mizuho Bank.
ENERGY: U.S. benchmark crude oil lost 8 cents to $44.36 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.28 to $44.44 on Friday. Brent crude, the benchmark for international oil prices, rose 3 cents to $46.86 a barrel.
CURRENCIES: The dollar rose to 103.48 yen from 103.31 yen and the euro edged down to $1.1178 from $1.1202.