Asian markets rose on Tuesday, despite Monday’s weak retail sales data from the US, amid hopes that the weak data would encourage new easing measures. The Nikkei rose .4% to 8755, the Kospi edged up .2% to 1822, and the ASX 200 jumped .9% to 4141. In greater China, the Hang Seng surged 1.8% to 19455, led by insurers, and the Shanghai Composite bounced .6% to 2161 after Monday’s steep slide.
European stocks ended mixed, as the FTSE sank ,6%, the CAC40 eased .1%, while the DAX rose .2%. Alacatel-Lucent shares plunged 19% after warning it would not meet its profit forecast. Nokia shares tumbled 6.1% as investors anticipate a weak earnings report, which is due on Thursday.
US stocks gained, erasing early losses. The Dow advanced 78 points to 12806, the Nasdaq rose .5% to 2910, and the S&P 500 climbed .7% to 1364. In his testimony to Congress, Bernanke once again failed to deliver any new easing policies, but indicated that uncertainty is increasing.
Mattel (NASDAQ:MAT) jumped 9.7% after earnings beat forecasts, and Citigroup (NYSE:C) rallied 2.1% after its profits exceeded expectations.
Currencies
The Australian dollar rallied .7% to 1.0317, as the dollar traded mostly lower against global currencies. The euro and Swiss franc edged up .2% to 1.2298 and .9770 respectively. The pound inched up .1% to 1.5656. Japanese officials warned they may intervene in the currency markets, lifting the yen .3% to 79.08.
Economic Outlook
CPI data was in line with forecasts at 0%, and industrial production rose .4%, meeting forecasts. The NAHB housing market index rose to 35 from 29, versus forecasts for a reading of 30.
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Stocks Rise Despite Bernanke Disappointment
Published 07/18/2012, 07:37 AM
Updated 05/14/2017, 06:45 AM
Stocks Rise Despite Bernanke Disappointment
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