Investing.com - European shares closed higher Wednesday as strong earnings outweighed global growth worries, while investors applauded the Feds interest rate decision to keep rates low until late 2014.
At the close of European trade, the EURO STOXX 50 added 1.70%, France's CAC 40 advanced 2.02%, while Germany’s DAX climbed 1.73%. Meanwhile, in the U.K. the FTSE 100 gained 0.16%.
Sparking the risk on equity sentiment, strong results from Swedbank AB, Electrolux to Apple overshadowed global growth concerns.
Early reports from the FOMC meeting indicate that the Federal Reserve has decided to hold interest rates steady until late 2014.
Dampening equity enthusiasm and adding to global growth worries, orders for U.S. durable goods plunged in March by the most in nearly three years.
Orders for goods designed to last at least three years dropped 4.2%, after a revises 1.9% gain the previous month.
Meanwhile, in London, the U.K. economy shrank in the first quarter, as construction spending decreased, pushing Britain into its first double dip recession since the 1970`s.
Gross domestic product gave back 0.2% from the fourth quarter, 2011, reported by the Office for National Statistics in London.
Economists were expecting a 0.1% gain, increasing fears of additional economic slowing.
Electrolux, the world`s second largest appliance maker, added 6.5% after beating profit estimates.
Apple reported a stunning 94% increase in profit leading the technology sector higher with Cap Gemini adding 3.55% and Alcatel – Lucent advancing 5.2%.
In bearish news, GlaxoSmithKline gave back 3% after missing analysts profit and sales projections.
U.S. stocks are following higher mid session with the Dow ahead by 0.51%, the S&P 500 gaining 1.03% and the Nasdaq surging 1.94%.
Traders are awaiting initial jobless claims in the United States and Japan`s interest rate decision on Thursday.
At the close of European trade, the EURO STOXX 50 added 1.70%, France's CAC 40 advanced 2.02%, while Germany’s DAX climbed 1.73%. Meanwhile, in the U.K. the FTSE 100 gained 0.16%.
Sparking the risk on equity sentiment, strong results from Swedbank AB, Electrolux to Apple overshadowed global growth concerns.
Early reports from the FOMC meeting indicate that the Federal Reserve has decided to hold interest rates steady until late 2014.
Dampening equity enthusiasm and adding to global growth worries, orders for U.S. durable goods plunged in March by the most in nearly three years.
Orders for goods designed to last at least three years dropped 4.2%, after a revises 1.9% gain the previous month.
Meanwhile, in London, the U.K. economy shrank in the first quarter, as construction spending decreased, pushing Britain into its first double dip recession since the 1970`s.
Gross domestic product gave back 0.2% from the fourth quarter, 2011, reported by the Office for National Statistics in London.
Economists were expecting a 0.1% gain, increasing fears of additional economic slowing.
Electrolux, the world`s second largest appliance maker, added 6.5% after beating profit estimates.
Apple reported a stunning 94% increase in profit leading the technology sector higher with Cap Gemini adding 3.55% and Alcatel – Lucent advancing 5.2%.
In bearish news, GlaxoSmithKline gave back 3% after missing analysts profit and sales projections.
U.S. stocks are following higher mid session with the Dow ahead by 0.51%, the S&P 500 gaining 1.03% and the Nasdaq surging 1.94%.
Traders are awaiting initial jobless claims in the United States and Japan`s interest rate decision on Thursday.