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US shares rise on oil and Greece
Wednesday, 11 May 2016 07:18:36 | Sue Lannin
The Dow Jones Industrial Average rose 1.2 per cent. (Chip East, file photo: Reuters)
Global markets have rallied as investors were cheered up by higher oil prices, progress on Greek debt talks, and Japan's indications it was prepared to intervene in currency markets to weaken the yen if necessary.
Japan's finance minister Taro Aso said, "Japan obviously will intervene if one-sided moves persist."
But he added that the country had, "no plans to manipulate currency moves on a long-term basis."
In the US, the Dow Jones Industrial Average finished 1.2 per cent higher, rising 222 points to 17,928.
The S&P 500 gained 26 points to 2,084, its best day in two months.
Online retailer Amazon gained 3.4 per cent to a record high of $US701.40 a share.
The Nasdaq gained 60 points to 4,810.
In Europe, markets rose to a three month high despite a fall in factory production in France and Germany.
The FTSE 100 in London increased 42 points to 6,157.
The CAC 40 in Paris rose 15 points to 4,338.
The DAX in Germany gained 65 points to 10,045.
In Australian futures trade, the ASX SPI 200 is up 30 points to 5,364, indicating the local share market will open higher.
Oil prices were boosted by concerns about supply outages in Canada, Nigeria and Libya.
West Texas crude rose $1.22 to $US44.66 a barrel.
Spot gold fell to the lowest in nearly two weeks as investors looked for riskier assets.
It then recovered to $US1,266.70 an ounce.
The benchmark price of iron ore rose slightly to $US55.26 a tonne in China.
The Australian dollar gained in choppy trade overnight after falling to around 73 US cents yesterday.
It was trading around 73.69 US cents, 51 British pence, 64.79 euro cents, 80.52 Japanese yen and $NZ1.085.
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