Stocks Closed Higher, Logged Third straight Weekly Gain

U.S. stocks closed higher for the fourth straight day on Friday as oil and other commodity prices firmed and strong U.S. jobs growth bolstered confidence in the global economy. The Dow industrials rose 62.87 points, or 0.37%, to 17,006.77. The S&P 500 gained 6.59 points, or 0.33%, to 1,999.99. The Nasdaq Composite gained 9.60 points, or 0.20%, to 4,717.02. All three indexes have logged three straight weekly gains.

The U.S. oil benchmark closed at its highest level since early January. On the New York Mercantile Exchange, April West Texas Intermediate crude added $1.35, or 3.9%, to close at $35.92 a barrel. May Brent crude added $1.65, or 4.5%, to finish at $38.72 a
barrel on London’s ICE Futures exchange.

U.S. employment gains surged in February, the clearest sign yet of labour market strength that could further ease fears the economy
was heading into recession and allow the Federal Reserve to gradually raise interest rates this year. Nonfarm payrolls increased by
242,000 jobs last month, the Labor Department said on Friday.

Samsonite, the world’s largest luggage company, said Friday that it agreed to pay $1.8 billion to acquire Tumi, a deal that would bring together an everyman’s travel brand with an ultra-luxe one whose suitcases start at around $500.

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