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Global stocks consolidate gains as dyspepsia subsides

New York - Global stocks rose on Friday, consolidating gains at the close of a week when markets were jolted by a North Korean missile launch and a hurricane that battered US oil and gas facilities.

A slowdown in job creation in August also helped ease investor worries the US Federal Reserve could raise interest rates for a third time in 2017.

On Wall a Street headed into an end-of-summer holiday weekend, the Nasdaq nudged only 0.1% higher but still set a second straight all-time record close. The Dow and S&P 500 both added 0.2%.

"If Federal Reserve policy makers were already starting to question the need for another rate hike this year - and the pace thereafter - then this week's data won't have made them feel any more comfortable," said analyst Craig Erlam at trading firm Oanda.

Across the Atlantic, European equities managed to hold onto their gains following the US jobs data. London closed the day 0.1% higher, while both Frankfurt and Paris rose 0.7%.

The dollar plummeted in the moments after the jobs numbers were released, but quickly regained most if not all of its losses. Higher interest rates would make US bonds more attractive as investment, including to foreign investors who would need to buy dollars.

The US currency did manage to gain against the euro however, following a news report saying the European Central Bank (ECB) might not decide what to do about its bond buying program until the end of the year.

The euro has been rising in recent weeks as investors, encouraged by good economic news coming out of the eurozone, believed the ECB would announce soon plans to begin to scale back - or taper - its purchases of bonds, which are meant to support economic recovery.

"Without a firm consensus, it seems likely that (ECB chief) Mario Draghi will not make any firm commitments to tapering next week, taking the decision conveniently past the German election," said market analyst Jasper Lawler at London Capital Group.

Oil prices meanwhile fluctuated as dealers assessed the impact of Harvey, which has knocked dozens of refineries out of action, and a jump in US manufacturing which shows there is healthy demand for energy products.

Oil prices ended split on either side of the Atlantic, falling in London but rising in New York.

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