US stocks rose for a fourth straight day Wednesday on the heels of strong gains in Europe and renewed optimism about recovery from the global recession.
The market consolidated gains after a positive economic outlook by the US central bank, traders said.
The Dow Jones Industrial Average rose 49.88 points, 0.53 per cent, to 9547.22.
Both the Nasdaq and S&P indexes rose to their highest levels since last October.
Some analysts are saying "There is a growing group of people following the view that we'll have a jobless recovery in the economy,"
LONDON - European stock exchanges staged strong gains on Wednesday, with markets in London and Paris breaking through key psychological barriers on renewed hopes for a sustained global rebound.
In London the FTSE 100 index rose 1.15 per cent, or 56.96 points, to close at 5004.3 points, its first finish above 5000 in 11 months, on signs the British economy could be close to emerging from recession.
FRANKFURT - The DAX added 92.53 points, or 1.69 per cent, to 5574.26 points.
PARIS - The CAC 40 index was up 46.73 points, or 1.28 per cent, to 3707.69.
Oil prices rose modestly Wednesday, amid dollar weakness and market optimism that a global economic recovery is forming. New York's main contract, light sweet crude for October delivery, settled at $US71.31 a barrel, up 21 cents from the closing level Tuesday.
The Australian share market is expected to open moderately positive on Thursday after gains on Wall Street and European markets.
At 0654 AEST on the Sydney Futures Exchange, the September share price index contract was 31 points higher at 4557.
In economic news, the Australian Bureau of Statistics (ABS) labour force data for August is due out.
The Melbourne Institute Survey of Consumer Inflationary Expectations for September and the Westpac-Melbourne Institute Survey of Consumer Unemployment Expectations for September will be released.
New York's main contract, light sweet crude for October delivery, settled at $US71.31 a barrel, up 21 cents from the closing level Tuesday.
Gold down $2.70 to US$997.10 an ounce Silver down 4c to US$16.47 an ounce Copper down 3.2c to US$2.924 a pound
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