A roundup of trading on major world markets:
NEW YORK – US stocks have bounced back, reversing the previous day’s losses while shrugging off the spectre of more turmoil in Europe.
Commodities and banks led the market higher on Tuesday, while United Technologies was the Dow’s only loser, falling 0.3 per cent after announcing a new $US1 billion capital raising move to finance its purchase of aircraft equipment maker Goodrich.
At the close the Dow Jones Industrial Average was up 162.57 points, or 1.31 per cent, to 12,573.80.
The S&P 500-stock index added 15.25 points, or 1.17 per cent, to 1,324.18.
The tech-heavy Nasdaq Composite surged 33.34 points, or 1.19 per cent, to 2,843.07.
LONDON – Almost all major European stock markets closed higher after mixed trading, while the euro was steady as enthusiasm over a massive Spanish bank bailout faded.
At the close of trading, London’s FTSE 100 index of leading companies had gained 0.76 per cent to 5473.74 points, Frankfurt’s DAX 30 was up by 0.33 per cent at 6161.24 and Paris’s CAC 40 added 0.14 per cent to 3046.91.
Madrid’s IBEX 35 index gained a slight 0.09 per cent to 6522.5 points while Milan was down by 0.70 per cent at 12,980 points.
In foreign exchange deals, the euro stood at $US1.2479, down slightly from $US1.2482 in New York late Monday.
HONG KONG – Most Asian markets finished lower after the initial excitement over a multibillion-dollar bailout for Spain’s banks faded.
The optimism over the weekend deal was replaced on Tuesday by concerns about the practicalities of implementing the bailout and fears it would not be enough to avert a broader catastrophe in the eurozone.
Tokyo was 1.02 per cent lower, shedding 88.18 points to 8,536.72 while Seoul fell 0.66 per cent, or 12.30 points, to 1,854.74.
Hong Kong fell 0.43 per cent, or 81.07 points, to 18,872.56, while Shanghai closed down 0.70 per cent, or 16.07 points, at 2,289.79.
WELLINGTON – The NZX 50 Index fell 28.64 points, or 0.8 per cent, to 3,425.60.
