BANGKOK – World stock markets were mostly lower Friday ahead of a U.S. jobs report that is a key gauge of how robust the world’s No. 1 economy is.

Benchmark oil was nearly unchanged at $96 per barrel while the dollar fell against the euro but rose against the yen.

Major benchmarks slipped early in Europe. Britain’s FTSE 100 shed 0.1 percent to 5,789.78 while Germany’s DAX fell 0.1 percent to 6,647.85. France’s CAC-40 lost 0.2 percent at 3,368.86. Wall Street also headed for a lower opening, with Dow Jones industrial futures losing 0.1 percent to 12,650 and S&P 500 futures down 0.2 percent to 1,320.60.

The losses followed a slump among some major Asian benchmarks earlier in the day. Japan’s Nikkei 225 index fell 0.5 percent to close at 8,831.93. South Korea’s Kospi dropped 0.6 percent to 1,972.34. Australia’s S&P/ASX 200 lost 0.4 percent at 4,251.20. Hong Kong’s Hang Seng was marginally higher at 20,756.98. Benchmarks in Indonesia, New Zealand and the Philippines fell, while Singapore and Taiwan rose.

Mainland Chinese shares extended gains fueled by news of fresh support for the farming and small-business sectors, with the benchmark Shanghai Composite Index rising 0.8 percent to 2,330.41 while the Shenzhen Composite Index added 1.5 percent to 878.29. “The gains mainly stem from recent supportive policies, which will help drive the rally in the short-term, though the room for further gains is limited,” said Zhang Jiuhui, an analyst at Great Wall Securities, based in Beijing.

Poly Real Estate, China’s second-largest listed property developer, climbed 1.1 percent, while industry leader China Vanke gained 1.4 percent. China Life Insurance, China’s biggest insurance company, gained 1.2 percent and Bank of Communications rose 1.8 percent.

Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the jobless rate was 8.5 percent.

Some analysts said they are not expecting a strong increase in jobs, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month — fewer jobs than expected.

“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasn’t been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.

Traders were largely refraining from big moves ahead of the employment data in case it turns out to be worse than expected.

“For right now, for major indexes like Dow Jones, the Hang Seng and also Germany’s DAX, they are already at a relatively high level,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. “For major indexes which shot up to high levels, we need more information for markets to expand the uptrend.”

The results of earnings reports, meanwhile, reverberated across markets. Japan’s Hitachi Ltd. jumped 7.5 percent after the electronics maker maintained its earlier earnings projection for the business year to March 31.

But Singapore Airlines fell 3.6 percent a day after announcing that quarterly profit plunged 53 percent as passenger demand slowed while higher fuel prices sent costs up. South Korean shipbuilder Hyundai Heavy Industries plummeted 7.7 percent after posting a 91 percent plunge in fourth-quarter net profit, Yonhap News agency said.

Elsewhere, Australian miner Lynas Corp. tumbled 10.1 percent amid opposition to its rare earths plant in Malaysia’s central Pahang state that is scheduled to begin operations later this year.

Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.

Benchmark oil for March delivery was up 18 cents to $96.54 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.

In currency trading, the euro rose to $1.3148 from $1.3141 late Thursday in New York. The dollar rose to 76.18 yen from 76.16 yen.

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AP researcher Fu Ting contributed from Shanghai.

BANGKOK – Asian stock markets were mostly lower Friday ahead of a U.S. jobs report that is a key gauge of how robust the world’s No. 1 economy is.

Benchmark oil was nearly unchanged at $96 per barrel while the dollar rose against the euro and the yen.

Japan’s Nikkei 225 index fell 0.5 percent to 8,829.69. South Korea’s Kospi dropped 1 percent to 1,964.78 and Hong Kong’s Hang Seng lost 0.1 percent to 20,719.23.

Australia’s S&P/ASX 200 lost 0.4 percent at 4,249.40. Benchmarks in India, Thailand and New Zealand fell while Taiwan, Singapore and Indonesia rose.

Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the jobless rate was 8.5 percent.

Some analysts said they are not expecting a strong increase in jobs, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month — fewer jobs than expected.

“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasn’t been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.

Traders were largely refraining from big moves ahead of the employment data in case it turns out to be worse than expected.

“For right now, for major indexes like Dow Jones, the Hang Seng and also Germany’s DAX, they are already at a relatively high level,” said Linus Yip, strategist at First Shanghai Securities in Hong Kong. “For major indexes which shot up to high levels, we need more information for markets to expand the uptrend.”

The results of earnings reports, meanwhile, reverberated across markets. Japan’s Hitachi Ltd. jumped 7.3 percent after the electronics maker maintained its earlier earnings projection for the business year to March 31.

But Singapore Airlines fell 2.5 percent a day after announcing that quarterly profit plunged 53 percent as passenger demand slowed while higher fuel prices sent costs up. South Korean shipbuilder Hyundai Heavy Industries plummeted 7.2 percent after posting a 91 percent plunge in fourth-quarter net profit, Yonhap News agency said.

Elsewhere, Australian miner Lynas Corp. tumbled 9.4 percent amid opposition to its rare earths plant in Malaysia’s central Pahang state that is scheduled to begin operations later this year.

Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.

Benchmark oil for March delivery was up 4 cents to $96.39 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.

In currency trading, the euro fell to $1.3131 from $1.3141 late Thursday in New York. The dollar rose to 76.18 yen from 76.16 yen.

BANGKOK – Asian stock markets were mostly lower Friday ahead of a highly awaited U.S. jobs report that is considered a key gauge for determining how robust the world’s No. 1 economy is.

Japan’s Nikkei 225 index fell 0.3 percent to 8,854.26. South Korea’s Kospi dropped 0.4 percent to 1,976.35 and Hong Kong’s Hang Seng Index lost 0.2 percent to 20,707.30.

Australia’s S&P/ASX 200 lost 0.2 percent at 4,257.90. Benchmarks in Taiwan, Indonesia and the Philippines also fell. Singapore, Malaysia and New Zealand rose.

Later Friday, the U.S. government releases its report on January job creation and the unemployment rate. In December, the country added 200,000 jobs, and the rate was 8.5 percent.

Some analysts said they were not expecting to see strength, based on a report Wednesday from private payroll agency ADP. The report said private-sector employment rose by 170,000 in January from the previous month — fewer jobs than expected.

“The two series continue to track fairly closely and both show what everyone has rightfully fretted about for the past 18 months: there hasnt been any trend improvement in job growth since mid-2010,” said analysts at DBS Bank Ltd. in Singapore.

Stocks were largely unchanged on Wall Street on Thursday. The Dow Jones industrial average closed down less than 0.1 percent at 12,705.41. The broader Standard & Poor’s 500 index rose 0.1 percent to 1,325.54. The Nasdaq composite rose 0.4 percent to 2,859.68.

Benchmark oil for March delivery rose 8 cents to $96.44 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell by $1.25 to end at $96.36 per barrel in New York on Thursday.

In currency trading, the euro fell to $1.3129 from $1.3141 late Thursday in New York. The dollar was unchanged at 76.16 yen.

Investors coasted on Thursday, leaving stocks unchanged while they looked ahead to Friday for a major jobs report. U.S. government bonds hardly moved, and neither did European stocks.

U.S. stocks rose slightly in the morning after the Labor Department said the four-week average of unemployment claims fell to 375,750, the lowest since June 2008 and enough to suggest a steadily improving job market.

The more important numbers come Friday, when the government releases the number of jobs created in January and the unemployment rate. In December, the country added 200,000 jobs, and the rate was 8.5 percent.

The Dow Jones industrial average traded in a narrow range all day, between a gain of 25 points and a loss of 40. It closed down 11.05 points at 12,705.41. In the 274 trading days since the beginning of 2011, the Dow has traded in a narrower range only 25 times.

The broader Standard & Poor’s 500 index rose 1.45, or 0.1 percent, to 1,325.54. The Nasdaq composite rose 11.41 points, or 0.4 percent, to 2,859.68.

Bond traders stayed on the sidelines, too. The price of the benchmark 10-year Treasury note rose 6.2 cents for every $100 invested, and the yield inched down to 1.82 percent from 1.83 percent Wednesday.

U.S. mining stocks rose after British mining company Xstrata PLC confirmed it is in merger discussions with commodities trader Glencore International PLC. In the U.S., Newmont Mining Corp. rose 1.9 percent, Alcoa was up 2.2 percent, and iron ore and coal miner Cliffs Natural Resources Inc. rose 0.3 percent.

The deal is a signal to investors that mining companies are trading at low prices compared with the commodities they mine, said Nathan Rowader, director of investments at Forward Management in San Francisco.

Health insurer Cigna dropped 3.4 percent after its earnings fell short of expectations as it absorbed higher corporate and medical costs. Pfizer fell 0.8 percent after recalling birth-control pills.

Retailers were a patchwork of rising and falling stocks, reflecting their patchwork of January sales results. Costco and Target came in better than expected. Macy’s and Dillard’s fell short. Costco rose 2.8 percent, and Target rose 1.1 percent.

Gap rose 10.7 percent after revenue at its high-end Banana Republic stores rose 6 percent.

Abercrombie & Fitch Co. fell 13.8 percent to a one-year low after it said higher markdowns and cotton costs mean its adjusted fourth-quarter profit and revenue will be less than analysts had expected.

Last year, investors were so worried about a financial disaster in Europe that U.S. companies with strong earnings have been undervalued, said Tim Courtney, chief investment officer of Burns Advisory Group in Oklahoma City.

Now, he said, stock prices are catching up. The S&P is up 5.4 percent this year, the Dow 4 percent.

“Right now the market is going up just on the absence of bad news, on the absence of that worst-case scenario materializing,” he said.

Stocks in Europe closed nearly flat or up slightly. Britain’s FTSE 100 index rose 0.1 percent. Germany’s DAX was 0.6 percent higher, and the CAC-40 in France rose 0.3 percent.

The euro was also subdued after recent gains, trading slightly lower at $1.315.

In other corporate news:

• Green Mountain Coffee Roasters Inc., which makes Keurig cup coffee brewers, rose a hot 24 percent after it said first-quarter revenue more than doubled, margins tripled, and net income rose more than 40-fold.

• MasterCard rose 6.7 percent after adjusted profits beat Wall Street expectations.

• Starwood Hotels & Resorts World Inc., which operates Sheraton and Westin hotels, fell 1.6 percent after it said its fourth-quarter profit dropped 51 percent because it set aside money for an unfavorable legal decision.

Natural gas prices climbed more than 7 percent after the government said the nation’s supplies shrank last week. Natural gas hit a 10-year low last month.

Benchmark crude oil fell $1.25 to end at $96.36 per barrel in New York because of weak demand.

NEW YORK (Reuters) – U.S. stocks seesawed in a tight range on Thursday, with winners and losers taking their cues from earnings reports, while a drop in jobless claims continued to point to a slowly healing labor market.

Healthcare shares were among the losers, with underwhelming quarterly reports from drugmaker Merck & Co Inc (MRK.N), insurer Cigna Corp (CI.N) and medical device maker Boston Scientific Corp (BSX.N). Merck fell 1.3 percent to $38.14, Cigna dropped 5.7 percent to $43.10 and Boston Scientific was off 7 percent to $5.67.

The S&P healthcare sector (.GSPA) fell nearly 1 percent and was the largest weight on the benchmark S&P 500 index.

Technology shares continued to outperform the broader market, with Qualcomm Inc (QCOM.O) hitting its highest level in 12 years after first-quarter profit trounced estimates. Shares gained 2.1 percent to $60.84 after hitting a high of $61.95.

MasterCard Inc (MA.N) rose near 5.6 percent to $377.84 after the payment processor beat analysts' estimates for the seventh straight quarter.

Investor sentiment was helped as the economy, on an uptrend of late, got another boost as new claims for jobless benefits dropped more than expected in the latest week. The government will report monthly payrolls data Friday.

"Investors are focusing on what they should, which is the improving backdrop in the U.S. economy," said Bruce Zaro, chief technical strategist, Delta Global Asset Management in Boston.

The Dow Jones industrial average (.DJI) was down 33.45 points, or 0.26 percent, at 12,683.01. The Standard & Poor's 500 Index (.SPX) was down 1.07 points, or 0.08 percent, at 1,323.02. The Nasdaq Composite Index (.IXIC) was up 4.50 points, or 0.16 percent, at 2,852.77.

Zaro expects the current uptrend for the S&P 500 to take it to 1,370 in the first half of the year, but the index could pull back before then at around the 1,330 level.

Green Mountain Coffee Roasters Inc (GMCR.O) soared 22.1 percent to $65.45 a day after its first-quarter earnings far exceeded expectations.

The third warmest January in 50 years hurt same-store sales at department stores and apparel retailers. But discounters such as Target and Costco as well as high-end stores beat estimates.

Target Corp (TGT.N) rose 1 percent to $51.94 while Abercrombie & Fitch Co (ANF.N) slumped 11.6 percent to $41.39, and Costco Wholesale Corp (COST.O) was up 2.2 percent at $85.02.

Facebook could raise as much as $10 billion in the biggest-ever Internet initial public offering, according to a filing Wednesday. In 2011, Facebook said net income rose 65 percent to $1 billion on revenue of $3.71 billion.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)

NEW YORK (Reuters) – Stocks edged higher on Thursday after weekly jobless claims fell in the latest week, but gains were limited as investors were reluctant to make big bets ahead of Friday's payrolls report and a recent rally.

Coming off a surge of nearly 1 percent in the previous session that built on advances of more than 4 percent in January, some traders said the market might be nearing a top.

In the latest data on employment sector, new claims for unemployment benefits dropped more than expected to a seasonally adjusted 367,000 versus the forecast of 375,000.

Economists forecast that the government report on Friday will show that 150,000 jobs were added in January, a decline from the previous month, which benefited from holiday hiring.

"The jobless claims continue the trend of decent news, though there have also been other indications of a general loss of momentum," said Bruce McCain, chief investment strategist at Key Private Bank in Cleveland. "That suggests we're in the right ballpark with estimates for the jobs report, but also that we aren't likely to see a huge upside surprise."

The Dow Jones industrial average (.DJI) was up 3.18 points, or 0.03 percent, at 12,719.64. The Standard & Poor's 500 Index (.SPX) was up 2.84 points, or 0.21 percent, at 1,326.93. The Nasdaq Composite Index (.IXIC) was up 14.14 points, or 0.50 percent, at 2,862.41.

The third warmest January in 50 years hurt same-store sales at department stores and apparel retailers. But discounters such as Target and Costco as well as high-end stores beat expectations.

Target Corp (TGT.N) rose 1.1 percent to $51.98 while Abercrombie & Fitch Co (ANF.N) slumped 12.3 percent to $41.08, and Costco Wholesale Corp (COST.O) was up 2.2 percent to $85.05.

The S&P Retail index (.RLX) added 0.3 percent.

"The level of retail spending indicates consumers are becoming more cautious when it comes to spending money," McCain said. "There could be a pause in that source of economic improvement."

Drugmaker Merck & Co Inc (MRK.N) fell 1.4 percent to $38.08 after fourth-quarter sales missed expectations and it forecast flat full-year results.

Dow Chemical Co (DOW.N) posted weaker-than-expected profit and revenue, sending shares down 1.2 percent to $33.54.

Green Mountain Coffee Roasters Inc (GMCR.O) surged 16 percent to $62.23 a day after its first-quarter earnings far exceeded expectations.

U.S. Federal Reserve Chairman Ben Bernanke faced tough questioning by members of the House Budget Committee after his testimony on the state of the economy.

Facebook could raise as much as $10 billion in the biggest-ever Internet initial public offering, according to a filing Wednesday. In 2011, Facebook said net income rose 65 percent to $1 billion on revenue of $3.71 billion.

(Reporting by Ryan Vlastelica; Editing by Jeffrey Benkoe)

LONDON – Markets took a breather on Thursday, following solid gains in the previous session, as investors positioned themselves for crucial U.S. jobs data that often set the tone for a week or two after their release.

A recent run of solid U.S. economic news has reinforced hopes that Friday’s nonfarm payrolls data will provide further evidence that the world’s largest economy is over its soft patch from last summer.

The consensus in the markets is that the U.S. economy generated around 170,000 jobs during January. Though that is unspectacular for an economy recovering from its worst recession since World War II, the amount of jobs being created is up from levels seen just a few months ago.

The pick-up in the U.S. economic data, in general, has also helped support market sentiment at a time when there is a huge amount of uncertainty relating to Europe’s debt crisis, despite more successful bond auctions Thursday from France and Spain.

“The fact that the U.S. is growing has been another source of relief,” said Jane Foley, an analyst at Rabobank International. “A disappointing number tomorrow could spark a retrenchment in appetite for risk.”

Weekly jobless claims figures later will be watched in the context of Friday’s report for the month of January.

Ahead of that, markets were subdued, though a raft of earnings in Europe have helped maintain trading activity, as has confirmation that mining company Xstrata PLC is in merger discussions with commodities trader Glencore International PLC. A deal would create a company with revenues of around $175 billion and the news has helped both share prices rally in London.

Despite the Xstrata and Glencore’s gains — of 10 percent and 5 percent — Britain’s FTSE 100 index of leading shares was down 0.2 percent at 5,781. Germany’s DAX was 0.1 percent higher at 6,623 and the CAC-40 in France was flat at 3,366.

The euro was also subdued after recent gains, trading 0.2 percent lower at $1.3146.

Wall Street was poised for a flat opening, too — Dow futures were up 0.1 percent at 12,662 while the broader Standard & Poor’s 500 futures were flat at 1,320.

The focus on the U.S. over the rest of the week will have proved a welcome diversion for some traders from monitoring the daily grind of Europe’s debt crisis, where much hinges on whether Greece can secure a deal with its private creditors, as is anticipated.

A deal is expected in a matter of days, according to officials, though that has been the official line for a few weeks.

“Given that it’s Groundhog Day today its particularly apt that Greece continues to be the centre of continued speculation about what’s happening with respect to the debt talks and the latest bailout,” said Michael Hewson, markets analyst at CMC Markets.

“Even so markets are now so bored with it, any comments by EU officials are now being dismissed with a perfunctory shrug and an ‘I’ll believe it when I see it’ attitude,” Hewson added.

Earlier in Asia, Tokyo’s Nikkei 225 rose 0.8 percent to 8,876.82 while Hong Kong’s Hang Seng shot up 2 percent to 20,739.45 and Seoul’s Kospi added 1.3 percent to 1,984.30.

China’s benchmark Shanghai Composite Index climbed 2 percent to 2,312.56 on Thursday amid signs manufacturing improved in January for a second straight month.

Oil prices were subdued alongside other markets — benchmark oil for March delivery fell 51 cents to $97.10 per barrel Thursday in electronic trading on the New York Mercantile Exchange.

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Alex Kennedy in Singapore contributed to this report.

BANGKOK – World stock markets fell Monday, with uncertainty about a tentative deal to resolve Greece’s debt crisis weighing on investor sentiment ahead of a summit of European leaders.

Benchmark oil slipped to near $99 per barrel while the dollar rose against the euro but fell against the yen.

Stock markets opened lower in Europe, where leaders gathering in Brussels for a summit on taming the continent’s financial crisis were met by a nationwide strike that hobbled trains and other public transportation.

Britain’s FTSE 100 fell 0.5 percent to 5,707.50 and Germany’s DAX lost 0.6 percent to 6,470.18. France’s CAC-40 shed 0.6 percent to 3,298.07. Wall Street was also headed for a lower open, with Dow Jones industrial futures falling 0.4 percent to 12,559 and S&P 500 futures down 0.5 percent to 1,305.50.

Losses began earlier in Asia, with the investment mood dampened by Friday’s release of data showing the U.S. economy grew more slowly than expected in the last three months of 2011. The economy grew at an annual rate of 2.8 percent in the October-December quarter, lower than the 3 percent that economists were expecting.

Japan’s Nikkei 225 index shed 0.5 percent to close at 8,793.05. South Korea’s Kospi was 1.2 percent lower at 1,940.55 and Hong Kong’s Hang Seng dropped 1.7 percent to 20,160.41. Australia’s S&P/ASX 200 lost 0.4 percent at 4,272.70.

Benchmarks in mainland China, Singapore, Indonesia, India and the Philippines also fell. Taiwan and New Zealand rose.

European leaders were to meet later Monday in Brussels to discuss austerity and belt-tightening measures as well as a tentative deal reached Saturday between Greece and its private investors that could avert a disastrous Greek default on its debt.

If the deal holds and works, it will help prevent a potential shock to the world banking system. But it doesn’t resolve the weakening economic conditions in Greece and other European nations as they rein in spending to get their debts under control.

Stan Shamu of IG Markets in Melbourne said that “the Greece debt issues will remain a source of uncertainty and might dampen the risk mood ahead of the EU summit today.”

Under the agreement, investors holding 206 billion euros ($272 billion) in Greek bonds would exchange them for bonds with half the face value. The replacement bonds would have a longer maturity and pay a lower interest rate.

The deal would reduce Greece’s annual interest expense from about 10 billion euros to about 4 billion euros. When the bonds mature, Greece would have to pay its bondholders only 103 billion euro.

Some analysts said stocks were taking a breather after post-New Year rallies in several markets that were spurred by signs of improvement in the U.S. economy and Europe’s debt crisis stabilizing. Hong Kong’s Hang Seng, for example, is up more than 11 percent since the beginning of the year. Australia’s S&P/ASX 200 is 5.7 percent higher.

“Probably it’s a case of the market getting a little bit tired. We’ve had quite a significant rally now, and that’s been based on some news that was mildly encouraging out of Europe,” said Ric Spooner, chief market analyst at CMC Markets in Sydney.

“But we may have arrived at a level where the market will need a bit further concrete evidence and news to continue the rally,” Spooner said.

Shares of CNK International, a South Korean mineral development company, plunged 14.9 percent after company executives were implicated in a stock manipulation scheme, Yonhap News agency said.

Japan’s Mitsubishi Electric Corp. plummeted 14.8 percent after the Defense Ministry and the Cabinet Satellite Intelligence Center said they would not sign contracts with the electric machinery manufacturer, which acknowledged it had overcharged on defense and space-related projects, Kyodo News agency reported.

Traders are awaiting more data this week for clues about which way the U.S. economy is headed. On Wednesday, the Institute for Supply Management will release its manufacturing index for January. The Labor Department will release monthly employment data Friday.

“Because the market has been expecting rather good economic data from the U.S. … I am afraid if those figures disappoint the market, it may trigger further correction in the stock market,” said Louis Wong, dealing director of Phillip Securities Ltd.

Benchmark oil for March delivery was down 49 cents to $99.07 per barrel in electronic trading on the New York Mercantile Exchange. The contract fell 14 cents to end at $99.56 per barrel on the Nymex on Friday.

In currencies, the euro fell to $1.3145 from $1.3208 late Friday in New York. The dollar fell to 76.67 yen from 76.72 yen.

NEW YORK (Reuters) – January has turned out strong for equities with just two trading days to go. If you're afraid to miss the ride, there's still time to jump in. You just might want to wear a neck brace.

The new year lured buyers into growth-related sectors, the ones that were more beaten down last year. The economy is getting better, but not dramatically. Earnings are beating expectations, but at a lower rate than in recent quarters. Nothing too bad is coming out of Europe's debt crisis – and nothing good, either – at least not yet.

"No one item is a major positive, but collectively, it's been enough to tilt it towards net buying," said John Schlitz, chief market technician at Instinet in New York.

Still, relatively weak volume and a six-month high hit this week make some doubt that the gains are sustainable.

But then there's the golden cross.

Many market skeptics take notice when this technical indicator, a holy grail of sorts for many technicians, shows up on the horizon.

As early as Monday, the rising 50-day moving average of the S&P 500 could tick above its rising 200-day moving average. This occurrence – known as a golden cross – means the medium-term momentum is increasingly bullish. You have a good chance of making money in the next six months if you put it to work in large-cap stocks.

In the last 50 years, according to data compiled by Birinyi Associates, a golden cross on the S&P 500 has

augured further gains six months ahead in eight out of 10 times. The average gain has been 6.6 percent.

That means the benchmark is on solid footing to not only hold onto the 14 percent advance over the last nine weeks, but to flirt with 1,400, a level it hasn't hit since mid-2008.

The gains, as expected, would not be in a straight line. But any weakness could be used by long-term investors as buying opportunities.

"The cross is an intermediate bullish event," Schlitz said. "You have to interpret it as constructive, but I caution people to take a bullish stance, if they have a short-term horizon ."

GREECE, U.S. PAYROLLS AND MOMENTUM

Less than halfway into the earnings season and with Greek debt talks over the weekend, payrolls data next week and the S&P 500 near its highest since July, there's plenty of room for something to go wrong. If that happens, the market could easily give back some of its recent advance.

But the benchmark's recent rally and momentum shift allow for a pullback before the technical picture deteriorates.

"We bounced off 1,325, which is resistance. We're testing 1,310, which should be support. We are stuck in that range," said Ken Polcari, managing director at ICAP Equities in New York.

"If over the weekend, Greece comes out with another big nothing, then you will see further weakness next week," he said. "A 1 (percent) or 2 percent pullback isn't out of the question or out of line."

On Friday, the S&P 500 (.INX) and the Nasdaq Composite (.IXIC) closed their fourth consecutive week of gains, while the Dow Jones industrial average (.DJI) dipped and capped three weeks of gains. For the day, the Dow dropped 74.17 points, or 0.58 percent, to close at 12,660.46. The S&P 500 fell 2.10 points, or 0.16 percent, to 1,316.33. But the Nasdaq gained 11.27 points, or 0.40 percent, to end at 2,816.55.

For the week, the Dow slipped 0.47 percent, while the S&P 500 inched up 0.07 percent and the Nasdaq jumped 1.07 percent.

A DATA-PACKED EARNINGS WEEK

Next week is filled with heavy-hitting data on the housing, manufacturing and employment sectors.

Personal income and consumption on Monday will be followed by the S&P/Case-Shiller home prices index, consumer confidence and the Chicago PMI – all on Tuesday.

Wednesday will bring the Institute for Supply Management index on U.S. manufacturing and the first of three key readings on the labor market – namely, the ADP private-sector employment report. Jobless claims on Thursday will give way on Friday to the U.S. government's non-farm payrolls report. The forecast calls for a net gain of 150,000 jobs in January, according to economists polled by Reuters.

Another hectic earnings week will kick into gear with almost a fifth of the S&P 500 components posting quarterly results. Exxon Mobil (XOM.N), Amazon (AMZN.O), UPS (UPS.N), Pfizer (PFE.N), Kellogg (K.N) and MasterCard (MA.N) are among the names most likely to grab the headlines.

With almost 200 companies' reports in so far, about 59 percent have beaten earnings expectations – down from about 70 percent in recent quarters.

(Reporting by Rodrigo Campos; Additional reporting by Chuck Mikolajczak and Caroline Valetkevitch; Editing by Jan Paschal)

BANGKOK – World stocks faced multiple headwinds Friday after disappointing Japanese earnings, higher unemployment in Spain and weak U.S. home sales. Investors awaited quarterly growth figures from the U.S. later in the day.

Benchmark oil hovered below $100 per barrel while the dollar was lower against the euro and the yen.

European shares headed lower as the latest data from Spain, which already has the highest unemployment rate among the 17 nations that use the euro, showed more than 5 million people without jobs. The National Statistics Institute said the jobless rate shot up from 21.5 percent to 22.8 percent in the fourth quarter.

Britain’s FTSE 100 slipped 0.3 percent to 5,775.29. Germany’s DAX was off 0.1 percent to 6,531.89 and France’s CAC-40 lost 0.4 percent to 3,349.82. Wall Street appeared set to open in negative territory, with Dow Jones industrial futures down marginally to 12,679 and S&P 500 futures falling less than 0.1 percent at 1,214.50.

Asian stock markets closed mostly higher, ahead of the release of fourth quarter U.S. economic growth figures. Economists predict growth will strengthen to around 3 percent in the October-December quarter from about 2 percent in the third quarter. Analysts at Credit Agricole CIB in Hong Kong said the reading was expected to “look healthy.”

Japan’s Nikkei 225 index fell 0.1 percent to close at 8,841.22.

South Korea’s Kospi rose 0.4 percent to 1,964.83. Hong Kong’s Hang Seng rose 0.3 percent to 20,501.67, while Australia’s S&P/ASX 200 gained 0.4 percent to 4,288.40.

Attention was also focused on the resumption of talks to reach a deal on how Greece can avoid a catastrophic default on its debt. Greece and its bailout rescuers — other countries that use the euro and the International Monetary Fund — are asking private creditors to swap their Greek bonds for new ones with a lower value and interest rate.

The two sides have so far disagreed over what interest rate the new bonds should take.

In the U.S., stocks slipped Thursday after the government reported an unexpected drop in new home sales in December, capping the worst year for home sales since record-keeping began in 1963. But there were some bright spots. Orders to factories for long-lasting manufactured goods increased in December for the second straight month, and a key measure of business investment rose solidly.

Japanese exporters continued to be hit by a strong yen, which reduces the value of repatriated profits. Honda Motor Corp. slid 1.9 percent and Panasonic Corp. shed 2.3 percent. Fujitsu Ltd. plunged 3.5 percent.

Nintendo Corp., the Japanese gaming giant behind the Super Mario and Pokemon games, plummeted 4.1 percent, a day after it lowered its annual earnings forecast to a 65 billion yen ($844 million) loss. The company blamed the strong yen for much of the loss.

Japanese electronics company NEC Corp. plummeted 7.1 percent after announcing Thursday that it was slashing 10,000 jobs worldwide and would slide into the red for the full year.

Benchmark oil for March delivery was down 11 cents to $99.60 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 30 cents to finish at $99.70 per barrel on the Nymex on Thursday.

In currencies, the euro rose to $1.3107 from $1.3104 late Thursday in New York. The dollar fell to 77.05 yen from 77.49 yen.