Global markets rallied on Tuesday, despite rising concerns over Spain’s debt troubles. In Asia, expectations for a new stimulus package from China helped boost the region’s indexes. The Shanghai Composite rallied 1.2% to 2389, and the Hang Seng jumped 1.4% to 19055, as infrastructure-related stocks spiked. The Nikkei overcame early losses gaining .7% to 8657, the Kospi advanced 1.4% to 1950, and the ASX 200 climbed 1.1% to 4114.
In Europe, the major indexes rose, while Spain’s IBEX tumbled 2.3% after the country was hit by yet another credit rating cut. The CAC40 surged 1.4%, the DAX advanced 1.2%, and the FTSE gained .7%.
US stocks gained as well. The Dow added 126 points to 12581, the Nasdaq climbed 1.2%, and the S&P 500 rose 1.1% to 1332.
Facebook shares tumbled 9.6% to 28.84, while Opera Software skyrocketed 20% amid rumors that Facebook may buy the company for its mobile phone software.
Currencies
The Euro settled down .3% to 1.2506 after dropping as low as 1.2461, its lowest level since July 2010. The Swiss Franc slipped .2% to 1.0412, and the British Pound dropped .3% to 1.5640. The Yen and Australian Dollar both settled flat, while the Canadian Dollar edged up .1% to 1.0224.
Economic Outlook
Tuesday’s economic news was quite disappointing. Home prices fell 2.6% according to the Case-Shiller home price index, and consumer confidence unexpectedly fell to 64.9 from 68.7, a 4-month low.
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Hopes For Chinese Stimulus Lift Global Equities
Published 05/30/2012, 05:02 AM
Updated 05/14/2017, 06:45 AM
Hopes For Chinese Stimulus Lift Global Equities
Equities
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