Asian markets traded mixed ahead of the weekend’s European summit. The Nikkei closed down fractionally, and the ASX 200 edged down .1%. Korea’s Kospi rallied 1.8%, as LG Display surged 7.8% despite posting a loss. In China, the Hang Seng rose .2%, while the Shanghai Composite slipped .6% to a 31-month low.
European indexes rallied, on hopes for a European bailout deal. The DAX jumped 3.6%, the CAC40 gained 2.8%, and the FTSE climbed 1.9%.
US markets continued the rally, as the Dow soared 267 points to 11809. The Nasdaq rose 1.5% and the S&P 500 gained 1.9%, while the VIX dropped 10% to 31.32.
Honeywell shares rallied 5.8% after reporting strong earnings and lifting its outlook. GE shares slipped 1.9% on earnings that were in line with forecasts.
Seagate share jumped 28% on expectations the hard drive maker won’t suffer as much as rival Western Digital from the floods in Asia.
Currencies
The Japanese briefly touched a record high against the dollar in the early morning, hitting 75.78, before recovering. The pair closed at 76.29, up .7%. The Swiss Franc jumped 1.3% to 1.1333, and the Australian Dollar rallied 1.4% to 1.0370. The Pound closed up 1%, and the Euro settled with a gain of .8% at 1.3896.
Economic Outlook
Monday’s sole reports will be the Chicago Fed’s National Activity Index.
Earnings are scheduled for Amgen, Caterpillar, Netflix, and Texas Instruments.