Market Buzz: Indices rally on US gains
Russian stocks closed in positive territory Monday over optimism about the US economy. The MICEX added 1.1% and the RTS gained 1.75%.
European stock markets rallied Monday amid signs that top US politicians made some progress in negotiations to avert the country’s so-called ‘fiscal cliff.’ The Stoxx Europe 600 added 2.2%. The German DAX 30 closed 2.5% higher and the French CAC 40 index added 2.9%, led by the banking and resources sectors.
US stocks closed in the black Monday on improved housing data and increasing confidence that a budget deal would be reached. The Dow Jones added 1.7% with all of its 30 components rising. The S&P 500 climbed 2% supported by the consumer sector and the Nasdaq gained 2.2%.
Asian stocks rose Tuesday amid gains in the energy sector and renewed optimism that the US will avoid the fiscal cliff. Hong Kong’s Hang Seng added 0.8%, Australia’s S&P/ASX 200 and South Korea’s Kospi each rose 0.6%. Japan’s Nikkei added 0.1% in the wake of losses in the tech sector. China’s Shanghai Composite bucked the trend, losing 0.3%.