US Stocks rallied Tuesday as better-than-expected quarterly results from Merck and Barclays reassured investors, and the weaker dollar boosted commodity prices and shares.
A bigger-than-expected rise in a measure of manufacturing activity in the New York area and some strength overseas added to the momentum.
The Dow Jones industrial average (INDU) rose 170 points, or 1.7%, according to early tallies. The S&P 500 index (SPX) rose 19 points, or 1.8%. The Nasdaq composite (COMP) rose 30 points, or 1.4%.
Analyst said "Between the good manufacturing report this morning, international markets rising and people wanting to come back in after a holiday weekend, there were plenty of reasons for stocks to rise today,"
LONDON - European stock exchanges posted solid gains, driven higher after the European Union tightened its grip on Greek finances and Wall Street opened in positive territory.
Banking stocks traded higher in response to bumper earnings from British bank Barclays.
In London, the FTSE 100 index added 76.59 points, or 1.48 per cent, to close at 5,244.06.
FRANKFURT - The DAX 30 gained 81.02 points, or 1.47 per cent, to 5,592.12.
PARIS - The CAC 40 rose 59.82 points, or 1.66 per cent, to 3,669.04.
Oil prices vaulted to $US77 a barrel as the US dollar weakened and the stock market climbed on upbeat economic news.
By early afternoon, benchmark crude for March delivery had risen $US2.87 to $US77 a barrel on the New York Mercantile Exchange.
Australian shares are expected to open higher after US and European stocks and commodity prices gained overnight.
At 0655 AEDT on the Sydney Futures Exchange, the March share price index contract was 52 points higher at 4,587 points.
GOLD up $29.80 to US$1119.80 an ounce SILVER up 70.1c to US$ 16.148 an ounce COPPER up 13.9c at US$3.2215 a pound
Today's Financial Calendar February 17 2010
China markets closed EU trade balance, Dec UK minutes of BoE meeting US industrial production and capacity utilisation, Jan US housing starts and building permits, Jan US minutes of Fed meeting Australia Westpac leading economic index, Dec (ANN) - Interim Results (AOE) - Interim Results (AXA) - Full Year Results (BLD) - Ex div. 7.0c (BXB) - Interim Result (CCL) - Full Year Results (CEU) - Interim Results (CHO) - Ex div. 10.5c (CKT) - Interim Results (CLO) - Interim Results (COF) - Interim Results (COU) - Interim Results (CSL) - Interim Results (DMP) - Interim Results (DXS) - Interim Results (FBU) - Interim Results (IIF) - Interim Results (KCN) - Interim Results (TCL) - Interim Results (TRS) - Interim Results (WDC) - Full Year Results (WTF) - Interim Results
Here's the most dangerous habits to have as a trader or investor. If you rely on any of them, please be aware that share trading or investing probably won't work:
Buying on emotion ? a sure bet for failure. Buying because you feel something is right in your gut is not a good reason.
