US stocks set to hit new record highs, while oil soars as US jobs data beats expectations and economies show signs of recovery

US stocks set to hit new record highs, while oil soars as US jobs data beats expectations and economies show signs of recovery

US stocks were on track to rise to new all-time highs on Friday at the end of a stellar week in which the S&P 500 has already risen around 4% and is heading for its strongest weekly gain in three months.

Signs that the US and other economies are recovering from the latest round of coronavirus restrictions have also boosted oil prices to one-year highs, as the demand outlook brightens.

After the index climbed more than 1% on Thursday, S&P 500 futures inched 0.28% higher on Friday. Dow Jones futures rose 0.29% while Nasdaq futures climbed 0.22%.

China's CSI 300 rose 0.17% overnight, finishing the week in the green, as the strong economic recovery outweighed worries over rising short-term credit costs. Japan's Nikkei 225 jumped 1.54% on upbeat earnings and stimulus hopes.

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The Europe-wide Stoxx 600 index rose 0.42% in early trading, while the UK's FTSE 100 climbed 0.11%.

Investors have been pulled in different directions in recent weeks. Hopes that vaccines and stimulus will power a strong recovery