Stock markets worldwide edged up yesterday, on pace for a fourth day of gains, as commodities prices firmed and strong US jobs growth bolstered confidence in the global economy.

US equity indexes advanced following February’s jobs data, which showed strong growth in payrolls and an increase in labor-force participation, but a surprising decline in monthly wage growth.

Non-farm payrolls grew by 242,000 jobs last month, beating forecasts for 190,000 new jobs, but wages dipped by 0.1 per cent after a strong January 0.5 per cent increase.

On Wall Street, the Dow Jones industrial average rose 74.19 points, or 0.44 per cent, to 17,018.09, moving above 17,000 for the first time since January 6.

The benchmark S&P 500 gained 8.89 points, or 0.45 per cent, to 2,002.29, and the Nasdaq Composite added 16.80 points, or 0.36 perc ent, to 4,724.23.

US benchmark Treasuries saw yields rise, led by longer-dated securities, as the strong jobs figures fed expectations for better growth but the lackluster wage data was expected to keep any immediate Fed rate hikes at bay. The dollar was weaker against the euro and yen.

Treasury yields were bolstered by the strong overall numbers in the jobs report. The benchmark 10-year Treasury note fell 13/32 in price to yield 1.88 per cent.

The yield on the three-, five- and seven-year Treasuries were all trading near their highest in about a month after the payrolls data.

The US dollar fell, as the decrease in wage growth added uncertainty about whether the Federal Reserve will raise interest rates this year. Short-term rate indicators are pricing in one rate increase by next March.

MSCI’s global gauge of stocks was up 0.3 per cent to a new eight-week high. Asian shares closed with their best week in five months and European stock markets were headed for a third week of gains.

Emerging markets rose more than one per cent for the second straight day, with MSCI’s emerging market stock metric up 1.25 per cent.

Crude oil futures were on pace to make a second straight six per cent weekly jump. Benchmark Brent futures were up 0.5 per cent to $37.27, a two-month high. US crude rose 0.2 per cent to $34.63.

The dollar fell 0.4 per cent against a basket of major currencies as the euro rose back above $1.10 for the first time since February 26.

The dollar also fell against the yen at 113.60 yen.