Stocks jump, yields drop as Fed cut hopes bloom

NEW YORK -A gauge of global stocks rallied while Treasury yields fell on Friday after a U.S. payrolls report was softer than anticipated, easing concerns the Federal Reserve would keep interest rates higher for longer.

Recent data on inflation and the labor market had fueled concerns the Fed could would be forced to keep rates higher for longer than the market was anticipating, or even raise rates again. On Wall Street, U.S. stocks rallied, with each of the three major indexes up more than 1% and the Nasdaq leading the advance with a jump of about 2%.

MSCI's gauge of stocks across the globe rose 8.67 points, or 1.14%, to 769.19 and was up 0.91% on the week, on pace for its second straight weekly gain.Against the Japanese yen, the dollar weakened 0.48% at 152.89 while Sterling strengthened 0.1% to $1.2547. The greenback has fallen more than 3% against the yen on the week, its biggest weekly percentage decline since late November.

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