Stocks rise, gold re­cov­ers in global mar­kets

Weekend Argus (Saturday Edition) - - BUSINESS -

NEW YORK: World stocks and the euro rose yes­ter­day on im­proved risk ap­petite fu­elled by up­beat US data and cor­po­rate re­sults, while gold snapped a four-day los­ing streak, bounc­ing off its low­est level since late Septem­ber.

Govern­ment data showed US in­fla­tion pres­sure wan­ing, fan­ning ex­pec­ta­tions the Fed­eral Re­serve could do more to boost eco­nomic growth. The lat­est consumer price re­port fol­lowed data on Thurs­day sug­gest­ing a pos­si­ble pick-up in job growth.

Anx­i­ety over po­ten­tial rat­ings down­grades in Euro­pean sov­er­eign debt and their reper­cus­sion on the re­gion’s banks un­der­pinned safety bids for US and Ger­man govern­ment bonds. In­vestor fears about the euro zone debt cri­sis have re­ceded.

The MSCI world eq­uity in­dex rose 0.56 per­cent af­ter hit­ting a three-week low on Thurs­day. The in­dex is still down 3 per­cent on the week and off 10 per­cent on the year.

The Dow Jones in­dus­trial av­er­age was up 78.26 points, or 0.66 per­cent, at 11 947.07. The Stan­dard & Poor’s 500 In­dex was up 12.83 points, or 1.06 per­cent, at 1 228.58. The Nas­daq Com­pos­ite In­dex was up 39.10 points, or 1.54 per­cent, at 2 580.11. – Reuters

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