HEADLINES
- The Dow Jones Industrial Average posted its second consecutive triple digit gain Friday amid growing optimism that central banks will step in to stabilize markets amid rising financial strains in Europe.
- European stocks jumped Friday, as investors cheered reports that central bankers stand ready to soothe financial markets if weekend elections in Greece trigger further turmoil and credit freezes.
- Oil rose on speculation that central banks will take steps to bolster global economic growth as investors await Greek elections this weekend.
- Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets.
US MARKETS
The Dow Jones Industrial Average posted its second consecutive triple-digit gain Friday amid growing optimism that central banks will step in to stabilize markets amid rising financial strains in Europe.
The 30-stock Dow industrials ended up 115.25 points, or 0.9%, at 12767.17 after bouncing 155 points on Thursday. That marked the first back-to-back triple-digit gains for blue chips since November.
The two-session jump caps a turbulent week for stocks. Concerns about rising borrowing costs in Spain and Italy and the outcome of a pivotal election on Sunday in Greece have led to volatile trading.
Bank of America shares jumped 3.1% to notch the biggest gains among the Dow's components. Chevron rose 2.4%, while Microsoft advanced 1.8%.
The Standard & Poor's 500-stock index climbed 13.73 points, or 1%, to 1342.83, led by energy and technology stocks. The Nasdaq Composite Index gained 36.47 points, or 1.3%, to 2872.80. Facebook shares rose 6.1%, the biggest single-session gain since the company's IPO last month.
EUROPEAN MARKETS
European stocks jumped Friday, as investors cheered reports that central bankers stand ready to soothe financial markets if weekend elections in Greece trigger further turmoil and credit freezes.
The Stoxx Europe 600 index rose 1% to 244.21, closing the week with a 0.9% gain. Spain's IBEX-35 index took on 0.3% to 6719.00, gaining 2.6% for the week. London's FTSE 100 index gained 0.2% to 5478.81, ending 0.8% higher for the week. The CAC-40 index closed 1.8% higher at 3087.62, 1.2% higher for the week. Frankfurt's DAX 30 index rose 1.5% at 6229.41, gaining 1.6% for the week.
In Greece, the Athens General Index jumped 1.9% to 560.26, after having soared 10.1% on Thursday following unofficial polls pointing to a victory for the pro-austerity New Democracy party.
ASIAN MARKETS
Asian markets were mostly up Friday on expectations that central banks have plans to rescue the global economy. Hong Kong's Hang Seng Index gained 4% over five sessions, its best week since January.
Hong Kong's Hang Seng Index accelerated its gains after a positive opening in Europe, rising 2.3% to 19233.94, a one-month high. Japan's Nikkei was flat at 8569.32, South Korea's Kospi was down 0.7% to 1858.16 and Australia's S&P ASX 200 was up 0.4% to 4057.30. The China Shanghai Composite, meanwhile, edged up 0.5% to 2306.85, while India's Sensex rose 1.3% to 16949.83 ahead of the central bank's monetary policy review Monday.
AUSTRALIAN MARKETS
The Australian sharemarket has closed higher, but trading volumes were low as investors remained cautious ahead of the weekend elections in Greece.
The benchmark S&P/ASX200 index rose 15.1 points, or 0.4 per cent, to 4057.3 points, but shed 0.15 per cent for the week, posting its second straight weekly loss. The broader All Ordinaries index added 17.2 points, or 0.4 per cent, today to 4107.0.
In the resources sector, global miner BHP Billiton firmed 4 cents to $31.84, and Rio Tinto was up 23 cents at $54.50. Coalworks was 2 cents richer at $1.005 after it said it would recommend to its shareholders an improved takeover offer from Whitehaven. Whitehaven, which itself is the target of a takeover offer from billionaire Nathan Tinkler, has agreed to an amendment that will lift its $142 million takeover offer up to $145.6 million.
OIL
Oil rose on speculation that central banks will take steps to bolster global economic growth as investors await Greek elections this weekend.
Futures climbed a second day as policy makers from the U.K. to Japan and Canada stepped up warnings about the threat to financial markets should Europe fail to contain its debt crisis. The Greek vote June 17 may determine whether the country remains in the euro bloc. The Federal Reserve starts a two-day meeting June 19.
METALS
Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets.
Twenty-four analysts surveyed by Bloomberg said they expect gold to gain next week and six were bearish. A further three were neutral. Speculators boosted net-long positions by 27 percent in the week ended June 5, the latest Commodity Futures Trading Commission data show. ETP holdings rose 21.07 metric tons valued at $1.03 billion since the start of June, halting a three-month retreat, according to data compiled by Bloomberg.
- The Dow Jones Industrial Average posted its second consecutive triple digit gain Friday amid growing optimism that central banks will step in to stabilize markets amid rising financial strains in Europe.
- European stocks jumped Friday, as investors cheered reports that central bankers stand ready to soothe financial markets if weekend elections in Greece trigger further turmoil and credit freezes.
- Oil rose on speculation that central banks will take steps to bolster global economic growth as investors await Greek elections this weekend.
- Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets.
US MARKETS
The Dow Jones Industrial Average posted its second consecutive triple-digit gain Friday amid growing optimism that central banks will step in to stabilize markets amid rising financial strains in Europe.
The 30-stock Dow industrials ended up 115.25 points, or 0.9%, at 12767.17 after bouncing 155 points on Thursday. That marked the first back-to-back triple-digit gains for blue chips since November.
The two-session jump caps a turbulent week for stocks. Concerns about rising borrowing costs in Spain and Italy and the outcome of a pivotal election on Sunday in Greece have led to volatile trading.
Bank of America shares jumped 3.1% to notch the biggest gains among the Dow's components. Chevron rose 2.4%, while Microsoft advanced 1.8%.
The Standard & Poor's 500-stock index climbed 13.73 points, or 1%, to 1342.83, led by energy and technology stocks. The Nasdaq Composite Index gained 36.47 points, or 1.3%, to 2872.80. Facebook shares rose 6.1%, the biggest single-session gain since the company's IPO last month.
EUROPEAN MARKETS
European stocks jumped Friday, as investors cheered reports that central bankers stand ready to soothe financial markets if weekend elections in Greece trigger further turmoil and credit freezes.
The Stoxx Europe 600 index rose 1% to 244.21, closing the week with a 0.9% gain. Spain's IBEX-35 index took on 0.3% to 6719.00, gaining 2.6% for the week. London's FTSE 100 index gained 0.2% to 5478.81, ending 0.8% higher for the week. The CAC-40 index closed 1.8% higher at 3087.62, 1.2% higher for the week. Frankfurt's DAX 30 index rose 1.5% at 6229.41, gaining 1.6% for the week.
In Greece, the Athens General Index jumped 1.9% to 560.26, after having soared 10.1% on Thursday following unofficial polls pointing to a victory for the pro-austerity New Democracy party.
ASIAN MARKETS
Asian markets were mostly up Friday on expectations that central banks have plans to rescue the global economy. Hong Kong's Hang Seng Index gained 4% over five sessions, its best week since January.
Hong Kong's Hang Seng Index accelerated its gains after a positive opening in Europe, rising 2.3% to 19233.94, a one-month high. Japan's Nikkei was flat at 8569.32, South Korea's Kospi was down 0.7% to 1858.16 and Australia's S&P ASX 200 was up 0.4% to 4057.30. The China Shanghai Composite, meanwhile, edged up 0.5% to 2306.85, while India's Sensex rose 1.3% to 16949.83 ahead of the central bank's monetary policy review Monday.
AUSTRALIAN MARKETS
The Australian sharemarket has closed higher, but trading volumes were low as investors remained cautious ahead of the weekend elections in Greece.
The benchmark S&P/ASX200 index rose 15.1 points, or 0.4 per cent, to 4057.3 points, but shed 0.15 per cent for the week, posting its second straight weekly loss. The broader All Ordinaries index added 17.2 points, or 0.4 per cent, today to 4107.0.
In the resources sector, global miner BHP Billiton firmed 4 cents to $31.84, and Rio Tinto was up 23 cents at $54.50. Coalworks was 2 cents richer at $1.005 after it said it would recommend to its shareholders an improved takeover offer from Whitehaven. Whitehaven, which itself is the target of a takeover offer from billionaire Nathan Tinkler, has agreed to an amendment that will lift its $142 million takeover offer up to $145.6 million.
OIL
Oil rose on speculation that central banks will take steps to bolster global economic growth as investors await Greek elections this weekend.
Futures climbed a second day as policy makers from the U.K. to Japan and Canada stepped up warnings about the threat to financial markets should Europe fail to contain its debt crisis. The Greek vote June 17 may determine whether the country remains in the euro bloc. The Federal Reserve starts a two-day meeting June 19.
METALS
Gold traders are bullish for a fourth consecutive week after hedge funds added to bets that prices will rally, exchange-traded products backed by the metal expanded and Europe’s debt crisis roiled markets.
Twenty-four analysts surveyed by Bloomberg said they expect gold to gain next week and six were bearish. A further three were neutral. Speculators boosted net-long positions by 27 percent in the week ended June 5, the latest Commodity Futures Trading Commission data show. ETP holdings rose 21.07 metric tons valued at $1.03 billion since the start of June, halting a three-month retreat, according to data compiled by Bloomberg.
