Wall St: US stocks on longest winning run in five months

Tuesday, 8 Mar 2016 06:08:57 | Thuy Ong

US stocks have risen for five straight sessions as commodity prices rebound. (Chip East, file photo: Reuters)

US stocks have posted their longest run of gains in five months, underpinned by hopes of more stimulus in China that might boost demand for resources.

The Dow Jones Industrial Average added 0.4 per cent to 17,074, rising for a fifth consecutive session.

The Nasdaq dipped 0.2 per cent to 4,708, while the S&P 500 added 0.1 per cent to 2,002.

Overnight, in London, the FTSE 100 dipped 0.3 per cent to 6,182, the German DAX fell 0.5 per cent to 9,779, while France's CAC 40 slipped 0.3 per cent to 4,442.

Local shares are set to track higher, with the ASX SPI 200 up 0.6 per cent to 5,163.

Upbeat data from major economies and stabilising commodity prices have helped improve investor sentiment.

Global equities have also been helped by prospects for additional central bank stimulus.

On commodities markets, iron ore surged 20 per cent to $US62.20 a tonne, the highest price in more than eight months.

West Texas crude rallied 5 per cent to $US37.71 a barrel.

Meanwhile, the Australian dollar, a commodity-backed currency, has jumped to eight-month highs of 74.7 US cents.

It was buying 84.6 Japanese yen, 52.3 British pence, 67.8 euro cents and $NZ1.10.

AustraliaPlus

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Wall St: US stocks on longest winning run in five months

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