Global stock markets rise, U.S. yields fall ahead of employment data

The MSCI world equity index which tracks shares in 50 countries, was up 1.42%. The pan-European STOXX 600 index gained 0.57%. The Dow Jones Industrial Average .DJI rose 1.33% to 33,248.28, the S&P 500 .SPX gained 1.84% to 4,176.82 and the Nasdaq Composite .IXIC added 2.69% to 12,316.90.

NEW YORKL Global equity markets rose while U.S. yields were lower on Thursday after lower-than-expected private payrolls data stirred hopes that the American economy was likely cooling and the Federal Reserve might be persuaded to modify its aggressive stance on interest rates and inflation.

The ADP National Employment Report on Thursday showed that private payrolls rose by 128,000 jobs in May, which was much lower than the consensus estimate of 300,000 jobs and suggested that demand for labor was starting to slow.