Equities
Equities rallied amid hopes that the European Financial Stability Facility (EFSF) will buy up Greek debt to help regional banks.
In Korea, the Kospi soared 5% to 1736, its biggest one-day gain in nearly 3 years. The Nikkei jumped 2.8% to 8610 and the ASX 200 rallied 3.6%, led my miners and banks. Hong Kong’s Hang Seng rallied 4.2%, while China’s Shanghai Composite rose just .9%.
European indexes posted strong gains, as the banking sector rallied nearly 7%. The DAX climbed 5.3%, the FTSE advanced 4%, and the CAC40 surged 5.7%. Greece’a parliament approves a highly unpopular property tax as part of its austerity program, while citizens planned another round of demonstrations. Doubts over any further bailout efforts remain high, particularly due to Germany’s resistance to additional aid.
US stocks opened sharply higher, but much of that evaporated in the last hour of the day. The Dow closed up 147 points at 11191, after rising more than 300 points earlier in the day. The Nasdaq gained 1.2% and the S&P 500 rose 1.1% to 1175.
Walgreen’s shares tumbled 6.3%, despite reporting strong profits. Research in Motion popped 4.5% higher on rumors Carl Icahn may invest in the company.
Currencies
The Australian Dollar outperformed the other major currencies, soaring 1.6% to .9920. The Euro rose .4% to 1.3583, but was well off its session high if 1.3669. The Pound and Swiss Franc both closed up .5%, while the Yen slipped .7% to 76.92.
Economic Outlook
The Case-Shiller Home Price Index indicated that home prices rose for a 4th month, but analysts expect prices to fall in the coming months. Consumer confidence came in slightly below estimates at 45.4. The Richmond Manufacturing Index continued to show a decline in business activity, but showed an improvement from last month.
Equities rallied amid hopes that the European Financial Stability Facility (EFSF) will buy up Greek debt to help regional banks.
In Korea, the Kospi soared 5% to 1736, its biggest one-day gain in nearly 3 years. The Nikkei jumped 2.8% to 8610 and the ASX 200 rallied 3.6%, led my miners and banks. Hong Kong’s Hang Seng rallied 4.2%, while China’s Shanghai Composite rose just .9%.
European indexes posted strong gains, as the banking sector rallied nearly 7%. The DAX climbed 5.3%, the FTSE advanced 4%, and the CAC40 surged 5.7%. Greece’a parliament approves a highly unpopular property tax as part of its austerity program, while citizens planned another round of demonstrations. Doubts over any further bailout efforts remain high, particularly due to Germany’s resistance to additional aid.
US stocks opened sharply higher, but much of that evaporated in the last hour of the day. The Dow closed up 147 points at 11191, after rising more than 300 points earlier in the day. The Nasdaq gained 1.2% and the S&P 500 rose 1.1% to 1175.
Stocks Pare Gains in Last Hour
Walgreen’s shares tumbled 6.3%, despite reporting strong profits. Research in Motion popped 4.5% higher on rumors Carl Icahn may invest in the company.
Currencies
The Australian Dollar outperformed the other major currencies, soaring 1.6% to .9920. The Euro rose .4% to 1.3583, but was well off its session high if 1.3669. The Pound and Swiss Franc both closed up .5%, while the Yen slipped .7% to 76.92.
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Economic Outlook
The Case-Shiller Home Price Index indicated that home prices rose for a 4th month, but analysts expect prices to fall in the coming months. Consumer confidence came in slightly below estimates at 45.4. The Richmond Manufacturing Index continued to show a decline in business activity, but showed an improvement from last month.
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