Asian markets rallied, amid expectations for a fresh round of government stimulus in response to the worsening European debt crisis. The Nikkei jumped 1.8% to 8533, as the camera makers rallied. Canon jumped 3%, extending Tuesday’s 3.4% gain, and Panasonic climbed 3.7% after announced a plan to invest $635 million in Olympus. The ASX 200 ticked up .3% to 4055, and the Hang Seng gained 1.4% to 18520. The Shanghai Composite trailed the region, easing .1%, as losses in property shares offset gains in other sectors. Korean markets were closed for a holiday.
European markets surged despite the ECB’s failure to announce any new stimulus plans. The FTSE and CAC40 both surged 2.4%, and the DAX rallied 2.1%, led by materials stocks which jumped 5.2%.
Almost identical gains were achieved in the US. The Dow and Nasdaq both rallied 2.4%, and the S&P 500 advanced 2.3% to 1315. The Dow and S&P posted their largest gains of 2012, and the VIX fell nearly 10%.
Morgan Stanley climbed 8.4% after announcing it might sell its commodities trading division.
Tempur-Pedic plummeted 49% after cutting its outlook, pulling down its peers as well. Select Comfort and Mattress Firm both plunged 21%.
Currencies
The Australian dollar surged 1.8% to .9923, posting a sharp reversal to the recent down trend. The euro, Swiss franc, and Canadian dollar all climbed 1%, while the pound rose .8% to 1.5496. Despite the heavy dollar selling, the yen fell .6% to 79.24.
Economic Outlook
Worker productivity fell .9% in the first quarter, more than forecast, which is generally seen as a positive development for the labor market.
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Stocks Soar As Hopes For A New Stimulus Plan Mount
Published 06/07/2012, 07:18 AM
Updated 05/14/2017, 06:45 AM
Stocks Soar As Hopes For A New Stimulus Plan Mount
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