* U.S. nonfarm payrolls disappoints at 559,000 

  * Stronger reading would have prompted stimulus cut fears 

  * Indexes: Dow up 0.34%, S&P rose 0.65%; Nasdaq gains 1.23% 

  * Global asset performance http://tmsnrt.rs/2yaDPgn 

  * World FX rates http://tmsnrt.rs/2egbfVh (Recasts, adds quotes, details throughout; changes byline, dateline, previous LONDON) 

  By Katanga Johnson 

  WASHINGTON, June 4 (Reuters) – Global stocks, oil and gold rallied while the dollar fell on Friday, after U.S. nonfarm payrolls data showed hiring increased in May as the coronavirus pandemic eased, but not quite as much as expected, tempering expectations the Federal Reserve will tighten monetary policy sooner, rather than later. 

  The hotly anticipated U.S. nonfarm payrolls data showed 559,000 jobs created in May, a sharp increase in hiring from April but below the 650,000 expected from a Reuters poll of analysts. 

  The pan-European STOXX…

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