Global stocks edged higher and the U.S. dollar gained against the euro and yen on Friday after the pace of U.S. job losses slowed sharply in May, adding to growing sentiment that the economic slowdown may be turning.

The Dow industrials climbed on Friday after Wal-Mart unveiled plans for a stock buyback, while the broad market’s gains were muted after government data showed employers cut sharply fewer jobs than expected in May and the jobless rate hit a 26-year high.

The Dow Jones industrial average is pushing into positive territory for the year after a better-than-expected report on the job market.

The Dow industrials climbed on Friday after Wal-Mart unveiled plans for a stock buyback, while the broad market’s gains were muted after government data showed employers cut sharply fewer jobs than expected in May and the jobless rate hit a 26-year high.

WASHINGTON—-Second paragraph of release issued June 4, 2009 at 9:01 p.m. PT/June 5, 2009 at 12:01 a.m. ET should read: The summit is being launched in response to the global economic crisis, the highest U.S. unemployment rate in 25 years , a record low housing construction rate , and a loss of consumer and market confidence due to deteriorating personal finances.

WASHINGTON—-Second paragraph of release issued June 4, 2009 at 9:01 p.m. PT/June 5, 2009 at 12:01 a.m. ET should read: The summit is being launched in response to the global economic crisis, the highest U.S. unemployment rate in 25 years , a record low housing construction rate , and a loss of consumer and market confidence due to deteriorating personal finances.

A look at economic developments and stock market activity around the world Friday: —— FRANKFURT — Germany’s economy will shrink by 6.2 percent this year and stagnate in 2010, the country’s central bank said, delivering a forecast more pessimistic than the government’s.

A look at economic developments and stock market activity around the world Friday: —— FRANKFURT — Germany’s economy will shrink by 6.2 percent this year and stagnate in 2010, the country’s central bank said, delivering a forecast more pessimistic than the government’s.

The federal government backtracked Friday and decided not to seize the western Pennsylvania property needed to build a Flight 93 memorial, saying instead it would renew negotiations with landowners.

The federal government backtracked Friday and decided not to seize the western Pennsylvania property needed to build a Flight 93 memorial, saying instead it would renew negotiations with landowners.