Wall Street surges to near three-year high
Stocks rose the most in seven weeks on the back of strong technology sector earnings and a bigger-than-expected rise in existing-home sales.
Stocks rose the most in seven weeks on the back of strong technology sector earnings and a bigger-than-expected rise in existing-home sales.
Stocks on Wall Street rose to a near-three-year high on the back of strong technology sector earnings and a bigger-than-expected rise in existing-home sales.
The National Association of Realtors said existing-home sales rose 3.7% in March from February. Economists had expected a smaller increase.
At the close (8am NZT), the Dow Jones Industrial Average was up186.79 points, or 1.52%, to 12453.54, its highest closing level since June 5, 2008. It was largest one-day gain since March 3.
Intel led the Dow with a 7.8% rise after posting first-quarter earnings and revenue above analysts' expectations, along with a second-quarter revenue outlook that topped estimates.
United Technologies and IBM also posted strong results, though IBM didn't lift its full-year forecast by as much as some investors had hoped.
The Nasdaq Composite jumped 2.10%, to 2802.51 and the S&P 500 index added 1.35% to 1330.36.
Other markets: Europe, Asia bounce back
European stocks rose sharply, boosted by strength in the auto and technology sectors.
The benchmark Stoxx Europe 600 index jumped 1.7% higher to 279.06. The UK's FTSE 100 index advanced 2.1% to 6022.26, Germany's DAX index rose 3% to 7249.19 and France's CAC-40 index gained 2.5% to 4004.62.
Asian markets bounced back with solid gains after three days of losses as resource stocks climbed on higher commodity prices.
Japan's Nikkei Stock Average rose 1.8% to 9,606.82, Korea's Kospi jumped 2.2% to 2,169.91, Hong Kong's Hang Seng Index added 1.6% to 23,896.10 and Taiwan's Taiex climbed 2% to 8,813.28.
China's Shanghai Composite Index rose 0.3% to 3007.04, Australia's S&P/ASX 200 rose 1.4% to 4859.0 and India's Sensex advanced 1.8% to 19,470.98.
Commodities: Gold stays above $US1500, oil up
A weaker US dollar boosted gold's record-breaking rally, lifting prices firmly above the $US1500 level.
The thinly traded April-delivery gold contract was up 0.6%, or $8.50, at $US1503.00 an ounce in New York. The contract set a record at $US1505.30 an ounce earlier in the day.
The most actively traded gold contract, for June delivery, was up 0.5%, or $US7.20, at $US1502.30 after touching a record $US1506.20 earlier.
Oil futures rose above $US111 a barrel in New York after a closely watched report showed US oil and fuel product supplies fell sharply last week.
Light, sweet crude for June delivery settled up $US3.17, or 2.9%, at $US111.45 a barrel. Brent crude on the ICE futures exchange settled up $US2.52, or 2.1%, at $US123.85 a barrel.
Currencies: US dollar falls toward three-year lows
Easy-money policy fears triggered a broad decline in the US dollar, sending the currency near its lowest levels since before the financial crisis of 2008 against a trade-weighted basket of its rivals.
The euro was at $US1.4511 from $US1.4330 late on Tuesday. The dollar traded at ¥82.39 from ¥82.51, while the euro was at ¥119.55 from ¥118.23.
The UK pound bought $US1.6402 from $US1.6311 and the dollar was at 0.8886 Swiss franc from 0.8999 franc.