Wall Street stocks jumped Wednesday following solid US economic data, joining European equity markets higher and ending a five-day losing streak. At the closing bell, the Dow Jones Industrial Average stood at 17,581.47, up 209.83 points (1.21 percent).
The broad-based S&P 500 gained 23.15 (1.16 percent) to 2,025.76, while the tech-rich Nasdaq Composite Index bolted 57.73 (1.26 percent) higher to 4,650.57. The US trade deficit shrank sharply to its smallest size in nearly a year, while the private sector added 241,000 jobs in December, up from 227,000 in November.
Equity markets in Britain, France and Germany all rose after weak eurozone inflation data sparked speculation the European Central Bank will enact additional stimulus measures. Heading into Wednesday, the S&P 500 had lost 4.2 percent in the prior five sessions. “We were pretty oversold,” said Michael James, managing director of equity trading at Wedbush Securities.
Source: AFP
