Stocks on Wall Street resumed their upward advance after the US unemployment rate unexpectedly declined to 10%, sending sharemarkets in Europe higher as well. Stocks rallied at the start of trading after the Labour Department said the US lost 11,000 jobs last month, the fewest since the recession began and less than one-10th the 125,000 median estimate in a survey of economists. Bank of America added 3.3% and online recruiting company Monster Worldwide surged 12%. The report drove the Dollar Index higher and sent gold to the steepest decline in a year. Shares of commodity producers such as Freeport-McMoRan Copper & Gold limited the market’s advance. Freeport-McMoRan and Newmont Mining lost at least 4.5%. The Dow Jones Industrial Average, up more than 150 points at its intraday high, ended with a 22.07-point gain, up 0.2%, at 10,388.22, boosted by gains of nearly 3% each in Intel and Boeing. But the Dow, which rose 0.8% on the week, was held back by a 7.2% decline in DuPont after it delayed the release of new high-yield corn and soybean seeds. The S&P 500 swung between gains and losses at least 20 times, as investors also weighed concern the Federal Reserve will boost interest rates from near zero to curb speculation. The index finished 0.6% up at 1105.98, a 1.3% gain for the week. The Nasdaq Composite was up 1% to 2194.35, a 2.6% rise for the week. Canadian stocks retreated for a second day, paring their weekly gain, after gold fell the most in a year. Barrick Gold plunged 8.7%. Royal Bank of Canada lost 2.6% after its profit disappointed investors. On the positive side, Canadian employers added five times more jobs than economists forecast. The S&P/TSX lost 125.75 points, or 1.1%, to 11,510.80 and climbed 0.4% for the week. European stocks climbed, extending the Dow Jones Stoxx 600 Index’s weekly gain to 2.7%. Randstad Holding jumped the most in seven months after the world’s second-largest temporary staffing company said its US business returned to growth, while Swiss recruitment firm Adecco jumped 7.7%. A stronger dollar hit gold futures and mining shares hard. Rio Tinto fell 1.8%. But British Airways rose 2.8% on an upgrade from Citigroup. Lufthansa added 2% on the British Airways upgrade and improved traffic at EasyJet. The Stoxx 600 added 1.1% to 249.03, after earlier falling as much as 0.6%. The UK FTSE 100 Index underperformed other major indexes, closing up 0.2% at 5322.36 for a weekly rise of 1.5%. The German DAX rose 0.8% to 5817.65, gaining 2.3% for its second straight weekly advance. The French CAC-40 Index rose 1.3% to 3846.62, giving it a 3.4% jump for the week. Commodities: Oil, gold down Crude oil for January delivery fell 1.3% to $US75.47 a barrel in New York, a seven-week low. Oil had advanced as much as 1.9% earlier in the session after the lower jobless raeport. Crude oil for January delivery fell 99US, or 1.3%, to $US75.47, the lowest settlement price since October 14. Prices declined 0.8% this week and are up 69% this year. Gold dropped the most in a year as a rising dollar prompted some investors to sell bullion on the heels of a rally to an all-time high. Gold futures fell as much as 6.5% from a record of $1,227.50 an ounce, set on Thursday in New York. Gold futures for February delivery fell $US48.80, or 4%, to $US1169.50 an ounce at the close of floor trading, the biggest drop for a most-active contract since December 1, 2008. In after-hours electronic trading, futures dropped as much as 5.8% to $US1147.40, the biggest intraday decline since December 1, 2008. The metal slid 0.5% this week, halting a month-long rally. In London, gold for immediate delivery dropped $US46.20, or 3.8%, to $US1161.40 an ounce. On Thursday, the spot price reached a record $US1226.56. Currencies: Dollar up, yen down The US dollar rallied the most since January as an unexpected drop in the unemployment rate triggered bets the Federal Reserve will lift borrowing costs. The Dollar Index, a gauge of the currency against six major trading partners, jumped 1.7% to ¥75.911. The yen posted its biggest weekly drop against the dollar since 1999, sliding 4.5% and weakened against all 16 major currencies during the week. The dollar rose as much as 2.8% to ¥90.77, from ¥88.26, increasing its weekly gain to 4.7%, the biggest in more than a decade. The dollar appreciated 1.3% to $US1.4858 per euro from $US1.5053. The euro climbed 1.3% to ¥134.54 from ¥132.87. The pound rose to 90.17p per euro, from 91.01p,and slid to $US1.6512, from $U1.6540, after earlier climbing to $US1.6672. The Canadian currency closed the week at $C1.0574 per US dollar, a weekly gain of 0.4%. One Canadian dollar equals 94.56USc.

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