Market Buzz: Bullish on news from the Fed
Russian stocks showed a mixed performance Wednesday, as the RTS grew 0.6% and the MICEX shed 0.3%.
U.S. stocks gained for a second day Wednesday, supported by a rally in tech stocks and Federal Reserve chief Ben Bernanke’s comments. Bernanke said the US economy isn’t likely to slide back into a recession. He also signaled the Fed was ready to inject more cash into the economy if needed. The Dow Jones added 0.8%, the S&P 500 was up 0.7% and the NASDAQ Composite closed 1.1% higher.
A strong performance from banking and better-than-expected unemployment data from the UK helped lift European markets Thursday. In the UK the jobless fell to 8.1% over three months, pushing the FTSE 100 up 1%. The Stoxx Europe 600 jumped 1.1%. In Germany the DAX 30 climbed 1.6% and France’s CAC 40 added 1.8%.
Stocks rallied across Asia on Thursday as investors raised hopes of a possible improvement in the global economy. Japan’s Nikkei Stock Average rose 1%, while Australia’s S&P/ASX 200 climbed 1.3% and South Korea’s Kospi rallied 1.84%. In China, Hong Kong’s Hang Seng jumped 1.6%, while the Shanghai Composite added 1.1%.