(Updates to open of U.S. markets, changes dateline; previous LONDON/SINGAPORE)
* World shares poised for worst week in more than two months
* Dollar heads for its best week since April
* U.S. job growth slows in August
By Chuck Mikolajczak
NEW YORK, Sept 4 (Reuters) - A gauge of global stocks fell for a second straight day on Friday and was on pace for its worst week in more than two months, while the dollar continued to climb in the wake of the U.S. payrolls report.
U.S. job growth slowed in August as financial aid from the government was depleted, with nonfarm payrolls increasing by 1.371 million jobs versus the climb of 1.734 million in the prior month. Expectations were for the addition of 1.4 million jobs. The unemployment rate fell to 8.4% from 10.2%. is a pretty healthy addition of jobs," said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.
Kinahan said that while the report shows improvement, many areas of the labor market continue to suffer. "So yes it is great progress but it also shows we still have a long way to go."
The Dow Jones Industrial Average .DJI rose 210.87 points, or 0.75%, to 28,503.6, the S&P 500 .SPX gained 7.35 points, or 0.21%, to 3,462.41 and the Nasdaq Composite .IXIC dropped 56.64 points, or 0.49%, to 11,401.46.
The three major Wall Street indexes saw their biggest drop since June on Thursday, led by a sell-off in technology .SPLRCT shares. pan-European STOXX 600 index .STOXX advanced in a choppy session following the U.S. payrolls report. Stocks had initially rebounded from their worst day in more than a month on gains in bank shares before losing steam to trade flat before the data. pan-European STOXX 600 index .STOXX rose 0.19% and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.20%. The MSCI index was on track for its worst week since late June.
The U.S. dollar continued to recover from two-year lows hit earlier in the week and was poised for its best week since late April while the euro continued its decline after breaching the $1.20 mark on Tuesday. dollar index =USD rose 0.29%, with the euro EUR= down 0.41% to $1.1801.
U.S. Treasury yields jumped on the heels of the jobs report. 10-year notes US10YT=RR last fell 20/32 in price to yield 0.6853%, from 0.622% late on Thursday.
Oil prices continued to weaken on demand concerns and were on track for their worst week since mid-June. crude CLc1 recently fell 0.85% to $41.02 per barrel and Brent LCOc1 was at $43.72, down 0.79% on the day.
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https://tmsnrt.rs/353RIQR Jobs fell off a cliff
https://tmsnrt.rs/2YXduSq U.S. unemployment jpg
https://reut.rs/2X245ch
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