Asian markets posted modest gains on Tuesday, led by gains in resource stocks. The ASX 200 and Hang Seng both advanced .4%, and the Shanghai Composite edged up .1% to 2158. Japan’s Nikkei outperformed, rallying .9% to 8803, as steel makers jumped more than 4% after US-based AK Steel announced price increases. The Kospi rose fractionally to 1887.
European markets gained as well. The CAC40 climbed 1.5%, the DAX gained .7%, and the FTSE settled up .6%. The oil and gas sector surged 2.3%, thanks to a recovery in oil prices. Nokia shares jumped 5.6% amid rumors of a new smartphone launch in early September.
The upbeat cheer crossed the Atlantic, lifting US stocks for their 3rd straight day. The Nasdaq rallied .9% to 3016, the S&P 500 advanced .5% to 1401, and the Dow gained 51 points to 13168.
S&P Settles Above 1400
Fossil shares skyrocketed 31.5% after reporting earnings which blew past analyst estimates. Sirius XM Radio soared 4.6%, after reporting strong earnings and lifting its outlook.
Currencies
The Pound rose .2% to 1.5634, and the Canadian Dollar gained .3% to .9972, as both benefited from the rise in oil prices. The Euro, Swiss Franc, and Australian Dollar all inched up less than .1%, while the Yen slid .5% to 78.63
Economic Outlook
Consumer credit rose by $6.5 billion last month, far below forecasts of $11.5 billion.
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S&P 500 Crosses Back Above 1400 As Stocks Rally Once Again
Published 08/08/2012, 05:48 AM
Updated 05/14/2017, 06:45 AM
S&P 500 Crosses Back Above 1400 As Stocks Rally Once Again
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