By Sara Sjolin, MarketWatch

LONDON (MarketWatch) -- A strong jump in U.S. nonfarm payrolls helped send European stock markets higher on Friday, with the benchmark index posting a third straight week of gains.

The Stoxx Europe 600 index rose 0.8% to close at 295.55, marking the highest level since June 2008.

The index rose 2.3% on the week, the biggest weekly gain since the beginning of 2013, helped by solid gains in the U.S. where the Dow Jones Industrial Average (DJI) posted all-time highs. Over the past year the Stoxx 600 has nudged a 12% advance as cheap liquidity from central banks and a pick up in the global economy have lured investors back into equities.

On Friday, shares of Lagardere SCA jumped the most since June last year after a well-received earnings report, while ThyssenKrupp AG gained the most in 2013 on news the chairman will step down. Infineon Technologies AG rose to a five-week high after a broker upgrade.

The broader stock markets opened in positive territory, but were sent firmly higher after U.S. jobs data beat expectations. The Labor Department said 236,000 jobs were added to the economy in February, exceeding estimates of a 160,000 rise.

Additionally, the unemployment rate dropped to 7.7% from 7.9%, marking the lowest level since December 2008. See: U.S. economy gains 236,000 jobs in February

U.S. stocks traded higher on Wall Street. See: U.S. stocks rise as jobs picture brightens

"In our view, the pace of employment growth is what will determine when the Fed ends it [quantitative-easing] program and the significant market reaction to the report does not reflect this," Allan von Mehren, chief analyst at Danske Bank, said in a note.

"The Fed has stated that it will continue to buy assets until the labor market 'improves substantially.' It is likely to take several months of employment growth of at least 200k per month before the Fed reduces its asset purchases. Although we are optimistic on the U.S. economy, especially over the medium term, we expect the Fed to continue its asset purchases at the current pace until Q4 this year," he said.

European investors also found inspiration in Asia, where bourses rose as upbeat export data from China lifted the mood. Exports in February were 21.8% higher than they were a year earlier, suggesting that the global economy is recovering as demand for Chinese goods rebounds. See: China trade surplus narrows, but exports rising

Additionally, Japan revised its growth figures for the final quarter of 2012 to show that the economy has turned around and is expanding. See: Japan GDP grows again, but current account weak

Movers

Back in Europe, shares of Fugro NV jumped 14% in Amsterdam as the oil- and gas-services firm proposed raising dividends for 2012, as revenue and earnings improved for the full year. See: Fugro net profit up 1.4%, price pressure continues

Pointing in the other direction, shares of Clariant AG dropped 2.4% as Nomura cut the chemicals firm to reduce from buy.

Banks were also among major movers. Shares of HSBC Holdings PLC (HBC) rose 2.6% in London, BNP Paribas SA added 4.1% in Paris and Banco Santander SA (SAN) gained 3.2% in Madrid.

Among country-specific indexes, the U.K.'s FTSE 100 index added 0.7% to 6,483.58, sending it 1.7% higher on the week.

Shares of Vodafone PLC (VOD) rose 3.2%. The wireless telecom firm secured a 10-year deal with the New Zealand police to deliver customized mobile services and smartphones. See: Vodafone gets 10-year pact from New Zealand police

Shares of Aggreko PLC slumped 3.1% after Goldman Sachs removed the temporary-power provider from its European conviction buy list.

France's CAC 40 index closed 1.2% higher at 3,840.15, closing out the week with a 3.8% gain. See: FTSE 100 aims for five-year high.

Shares of France Telecom SA gained 3.7% after Exane BNP Paribas lifted the firm to outperform from neutral.

Outside the main index in France, shares of media group Lagardere SCA rallied 4.8%, as the firm said it swung to profit in 2012. Additionally, the company said it expects to sell its stake in Airbus owner European Aeronautic Defence & Space Co. by the end of July. See: Lagardère 2012 net profit rises to 89mln euros and See: Lagardère: sale of EADS stake seen by end of July

Germany's DAX 30 index gained 0.6% to 7,986.47 and rose 3.6% on a weekly basis. Shares of ThyssenKrupp AG jumped 6.4%, as the steelmaker said its supervisory board chairman, Gerhard Cromme, will step down from his post on March 31. See: ThyssenKrupp Chairman Gerhard Cromme to step down

Shares of Siemens AG (SI) gained 1.3%, after Citigroup added the German conglomerate to its focus list with a buy rating. Citi cited progress in its restructuring and the potential for increased profitability and cash returns.

Infineon Technologies AG jumped 5.6%, as Goldman Sachs added the semiconductor firm to its conviction buy list.

Outside the major indexes, shares of Credit Suisse Group AG (CS) climbed 3.9%, after UBS lifted the Swiss bank to buy from neutral.

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