House vote has shares soaring worldwide
Source: Agencies |
January 3, 2013, Thursday
|
Print Edition
Print Edition
MARKETS breathed a huge sigh of relief yesterday.
Stocks around the world started 2013 with hefty gains as investors welcomed the vote in the House of Representatives that made sure that the US does not go over the so-called "fiscal cliff."
"Investors are trading with a sense of relief after lawmakers in Washington agreed on a compromise to avoid the fiscal cliff that has been the dominant theme in equity markets since the US presidential elections back in November," said Mike McCudden, head of derivatives at stockbroker Interactive Investor.
Stocks were opening sharply higher on Wall Street after lawmakers averted sweeping cuts in government spending with a last-minute budget deal.
The Dow Jones industrial average spiked over 257 points, or 1.97 percent, to 13,361.97 at the open, while the broader Standard & Poor's 500 index rose 2.02 percent to 1,454.98.
The Nasdaq composite rose 74.7 points, or 2.47 percent, to 3,094.
In Europe, the FTSE 100 index of leading British shares jumped 2.4 percent to 6,041, its first foray above the 6,000 mark since July 2011.
The CAC-40 in France rose 2.4 percent to 3,728 while Germany's DAX was up 2.2 percent at 7,778.
Earlier in Asia, Hong Kong's Hang Seng index shot up 2.9 percent to close at 23,311.89, its highest finish since June 1, 2011.
Australia's S&P/ASX 200 surged 1.2 percent to close at 4,705.90, its best finish in 19 months while South Korea's Kospi jumped 1.7 percent to 2,031.10.
Europe's single currency eked out further gains yesterday as investor sentiment was buoyant in the wake of the fiscal cliff deal.
When investors have a propensity to take on riskier assets, the dollar often loses ground. The euro was up 0.3 percent at US$1.3240.
Oil prices also pushed higher yesterday, with the benchmark New York contract up more than a dollar at US$92.98 a barrel.
Stocks around the world started 2013 with hefty gains as investors welcomed the vote in the House of Representatives that made sure that the US does not go over the so-called "fiscal cliff."
"Investors are trading with a sense of relief after lawmakers in Washington agreed on a compromise to avoid the fiscal cliff that has been the dominant theme in equity markets since the US presidential elections back in November," said Mike McCudden, head of derivatives at stockbroker Interactive Investor.
Stocks were opening sharply higher on Wall Street after lawmakers averted sweeping cuts in government spending with a last-minute budget deal.
The Dow Jones industrial average spiked over 257 points, or 1.97 percent, to 13,361.97 at the open, while the broader Standard & Poor's 500 index rose 2.02 percent to 1,454.98.
The Nasdaq composite rose 74.7 points, or 2.47 percent, to 3,094.
In Europe, the FTSE 100 index of leading British shares jumped 2.4 percent to 6,041, its first foray above the 6,000 mark since July 2011.
The CAC-40 in France rose 2.4 percent to 3,728 while Germany's DAX was up 2.2 percent at 7,778.
Earlier in Asia, Hong Kong's Hang Seng index shot up 2.9 percent to close at 23,311.89, its highest finish since June 1, 2011.
Australia's S&P/ASX 200 surged 1.2 percent to close at 4,705.90, its best finish in 19 months while South Korea's Kospi jumped 1.7 percent to 2,031.10.
Europe's single currency eked out further gains yesterday as investor sentiment was buoyant in the wake of the fiscal cliff deal.
When investors have a propensity to take on riskier assets, the dollar often loses ground. The euro was up 0.3 percent at US$1.3240.
Oil prices also pushed higher yesterday, with the benchmark New York contract up more than a dollar at US$92.98 a barrel.
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