Global stocks jump post Wall Street rally

beijing — Global stocks rose on Monday after Wall Street rallied as investors looked ahead to the US Federal Reserve chairman’s congressional testimony this week for insights into its economic outlook.

In early trading, Germany’s DAX rose 0.9 per cent to 12,593.90 and France’s CAC 40 added 0.7 per cent to 5,354.06. Britain’s FTSE 100 advanced 0.5 per cent to 7,279.40. On Friday, the DAX and CAC 40 both gained 0.2 per cent while the FTSE slid 0.1 per cent. On Wall Street, the future for the Dow Jones industrial average rose 0.4 per cent while that for the Standard & Poor’s 500 index was little-changed.

The Shanghai Composite Index rose 1.2 per cent while Tokyo’s Nikkei 225 gained 1.2 per cent to 22,153.62. Hong Kong’s Hang Seng advanced 0.7 per cent to 31,498.60 and Sydney’s S&P-ASX 200 added 0.7 per cent to 6,042.20.

India’s Sensex was up 0.8 per cent at 34,400.63 and benchmarks in Taiwan, New Zealand and Southeast Asia also rose. Jakarta declined.

Wall Street capped several days of choppy trading with a rally that gave the stock market a modest gain for the week. Technology companies, banks and health care stocks accounted for much of the market’s gains.

Energy companies also rose along with crude oil prices. The S&P climbed 1.6 per cent while the Dow picked up 1.4 per cent. The Nasdaq composite gained 1.8 per cent.