European stocks advanced, following their biggest rally in seven weeks, as ArcelorMittal dragged a gauge of commodity producers higher, while a report showed the unemployment rate in the U.S. unexpectedly declined.
The Stoxx Europe 600 Index increased 0.6% to 324.55, taking its advance this week to 0.6%. The equity benchmark rallied 1.5% yesterday as the European Central Bank left interest rates at a record low.
In the U.S., a Labor Department report in Washington showed that the unemployment rate unexpectedly slipped to 6.6% in January, its lowest in more than five years. The release also showed that employers in the world’s biggest economy increased their payrolls by 113,000 workers last month. That missed the median forecast of 180,000.
ArcelorMittal added 1.1% after the world’s biggest steelmaker reported fourth-quarter profit that beat analysts’ projections.
EMS-Chemie Holding AG advanced 4.2% after posting better-than-expected profit in 2013 and saying it will pay an extraordinary dividend.
SBM Offshore NV, the Dutch supplier of floating oil and gas rigs, tumbled 14% for its largest decline since July 2011.
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