Better then expected April nonfarm payrolls report sent US markets urging with even the S&P hitting the 1600 level. US employers added 165,000 jobs in April, according to the Labor Department, while the unemployment rate fell to a four-year low of 7.5 percent. Economists in a Reuters poll expected a reading of 145,000 and unemployment to hold steady at 7.6 percent.

European stock markets joined the party with the DAX jumping more then 2 per cent and the French CAC gained 1.4 per cent, while the UK's FTSE gained almost 1 per cent.

Those in the US who were hoping for a pullback have been disaopointed. Analysts say that US markets would continue to gain momentum given the strong set of economic data along with good corporate earnings.

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