Equities
Asian markets posted strong gains on Friday, boosted by the Fed’s newly announced stimulus plan. The Nikkei climbed 1.8% to 9159, the Kospi spiked 2.9% to 2008, and the ASX 200 advanced 1.2% to 4390. The Hang Seng jumped 2.9% to 20630, and the Shanghai Composite rose .6% to 2124.
European markets rallied as well, led by Spain’s IBEX 35, which jumped 2.8% to 8155. The CAC40 climbed 2.3% to 3582, the FTSE advanced 1.6% to 5916, and the DAX gained 1.4% to 7412. Resource stocks led the gains, as the basic resource index surged 5.9%.
In the US, the major indexes rose as well. The Dow ticked up 54 points to 13593, climbing 2.2% for the week. The Nasdaq gained .9% to 2184, and the S&P 500 rose .4% to 1466.
Social-media stocks rallied, as Facebook jumped 6.2%, Yelp surged 9.3%, and Zygna climbed 7.4%.
Currencies
The Euro posted an outsized gain of 1.1% to 1.3128, while other currencies posted smaller gains against the Dollar. The Euro-yen soared 2.2% to 102.94, as Euro strength and Yen weakness propelled the cross pair higher. The Yen fell 1.2% to 78.40 after the Bank of Japan cut its growth outlook for the current quarter. The Pound rose .4% to 1.6214, the Swiss Franc gained .9% to .9268, and the Australian Dollar edged up .1% to 1.0557.
Economic Outlook
Retail sales rose by .9% last month, slightly better than the .7% forecast. Industrial production unexpectedly fell by 1.2%, while consumer sentiment jumped to 79.2 from 74.3. Ratings agency Egan-Jones cut the credit rating on US debt to AA- from AA.
Asian markets posted strong gains on Friday, boosted by the Fed’s newly announced stimulus plan. The Nikkei climbed 1.8% to 9159, the Kospi spiked 2.9% to 2008, and the ASX 200 advanced 1.2% to 4390. The Hang Seng jumped 2.9% to 20630, and the Shanghai Composite rose .6% to 2124.
European markets rallied as well, led by Spain’s IBEX 35, which jumped 2.8% to 8155. The CAC40 climbed 2.3% to 3582, the FTSE advanced 1.6% to 5916, and the DAX gained 1.4% to 7412. Resource stocks led the gains, as the basic resource index surged 5.9%.
In the US, the major indexes rose as well. The Dow ticked up 54 points to 13593, climbing 2.2% for the week. The Nasdaq gained .9% to 2184, and the S&P 500 rose .4% to 1466.
Social-media stocks rallied, as Facebook jumped 6.2%, Yelp surged 9.3%, and Zygna climbed 7.4%.
Currencies
The Euro posted an outsized gain of 1.1% to 1.3128, while other currencies posted smaller gains against the Dollar. The Euro-yen soared 2.2% to 102.94, as Euro strength and Yen weakness propelled the cross pair higher. The Yen fell 1.2% to 78.40 after the Bank of Japan cut its growth outlook for the current quarter. The Pound rose .4% to 1.6214, the Swiss Franc gained .9% to .9268, and the Australian Dollar edged up .1% to 1.0557.
Economic Outlook
Retail sales rose by .9% last month, slightly better than the .7% forecast. Industrial production unexpectedly fell by 1.2%, while consumer sentiment jumped to 79.2 from 74.3. Ratings agency Egan-Jones cut the credit rating on US debt to AA- from AA.