* Dollar gains vs yen on U.S. jobs data, test of 100 seen
* World stock gains stall after recent records
* Oil pares Syria-related gains on demand concerns
NEW YORK, May 6 The U.S. dollar rose against the
yen on Monday and U.S. stocks hovered near last week's record
highs as a brighter outlook for the U.S. economy kept the risk
Many analysts have expected a pullback in U.S. equities for
weeks now, which Wall Street has largely avoided as traders use
weakness as an opportunity to add to long positions.
Wall Street stocks traded slightly higher after the S&P 500
and Dow industrials hit record levels on Friday in the wake of a
strong payrolls report.
"Everyone is settling in for the moment; we had a nice week
last week and there are no real catalysts to move us
significantly one way or the other today," said Mark Martiak,
senior wealth strategist at Premier/First Allied Securities in
U.S. employment rose more than expected in April, with
165,000 jobs created, and hiring was much stronger than thought
in the previous two months, the U.S. government said on Friday.
The report eased concerns raised by other data that had pointed
to the U.S. economy losing steam.
In early trading, the Dow Jones industrial average
was off 1.78 points, or 0.01 percent, at 14,972.18. The Standard
& Poor's 500 Index was up 3.25 points, or 0.20 percent,
at 1,617.67. The Nasdaq Composite Index was up 12.85
points, or 0.38 percent, at 3,391.48.
The euro zone's blue chip Euro STOXX 50 index
was down 0.5 percent after hitting a near-two year peak on
A 0.6 rise in MSCI's broadest index of Asia-Pacific shares
outside Japan left the MSCI world equity index
Purchasing managers indexes on Monday showed business growth
flagged in China and recession dragged on euro zone companies,
adding to a report on Friday that U.S. corporate growth slowed
Brent crude oil futures hit their highest level in
nearly a month after supply concerns followed Israeli air
strikes on Syria on Friday and Sunday, but later slipped on
demand worries cemented on the weak data from China and the euro
"The attack over the weekend of Israel on Syria, on the one
hand, can lead to some increased geopolitical premium," said
Olivier Jakob, oil analyst at Petromatrix in Switzerland.
"But the global PMIs are weak and that in itself is not
really bullish for distillates because the economy is still not
providing signs that a strong recovery is ahead. Global oil
demand is driven by distillates."
Brent was last off 0.05 percent at $104.14 after trading
above $105 earlier.
U.S. oil slipped 0.5 percent to $95.10, after ending Friday
with gains of around 1.7 percent.
With Tokyo and London stock markets closed for holidays,
trading volume was generally thin across markets.
The U.S. dollar rose for a third straight session against
the yen and looked set to make another run at the 100-yen level
after last week's surprisingly strong U.S. jobs data rekindled
optimism about the U.S. economy.
The dollar rose 0.3 percent to 99.31 yen, having
earlier hit 99.45 yen, its strongest since April 25, according
to Reuters data.
Gold prices were little changed after two weeks of gains on
expectations last month's price slide to the lowest in more than
two years has run its course for now.
Spot gold was recently down 0.1 percent at $1,468.66.