New York
Hong Kong

Euro And Global Stocks Rally On Greece Hopes

Share on Tumblr

The single currency, euro, rose on speculation that a Greek debt deal was close at hand. On the other hand, global equity markets surged on enthusiasm of investors over positive manufacturing data from China, the United States, and Germany.

After a report showed that U.S. manufacturing activity grew at its strongest pace in seven months in January, U.S. blue chips jumped more than 1 percent.

"Manufacturing numbers are what the market is jumping on," said John Manley, chief equity strategist at Wells Fargo Funds Management in New York.

The Dow Jones industrial average .DJI was up 144.63 points, or 1.14 percent, at 12,777.54. The Standard & Poor's 500 Index .SPX was up 17.42 points, or 1.33 percent, at 1,329.83. The Nasdaq Composite Index .IXIC was up 41.05 points, or 1.46 percent, at 2,854.89. MSCI's all-country world stock index .MIWD00000PUS jumped 1.5 percent, while the FTSEurofirst 300 index of top European shares .FTEU3 closed up 1.9 percent at 1,057.08 points after earlier hitting its highest level since early August.

"The overall economy lacks oomph and is having trouble creating jobs. Manufacturing is one of the few bright spots in an otherwise disappointing story," said Cary Leahey, managing director at Decision Economics.

"People are believing a Greek deal is imminent," said Dean Popplewell, chief currency strategist at OANDA in Toronto. "They are probably overzealous on that, and we are still in the same tight trading range."

Greece would kill the entire

Greece would kill the entire Europe, better to leave it than lending a helping hand to it and get the entire continent killed.

Forex Blog

  • Agreement To Budget Targets A Must For The European Commission said in a statement recently that Portugal must stick to targets agreed with international lenders if it wants more time to repay bailout loans. The constitutional court of... Read More >
  • Asian Shares And Euro Rise On Draft On Monday, Asian shares and the euro rose after European Union sources revealed the President of Cyprus and the EU have agreed the outlines of a rescue deal to avert financial meltdown on the... Read More >
  • New Law Passed By Greece To Spur The Greek parliament has approved a legislation to boost private investment, a key condition to get the crisis-struck country out of its worst-ever peacetime recession. Read More >
  • Five-Year Plan Outlined By Sherbank To The largest bank of Russia has outlined a plan to investors under which the bank, Sberbank, is planning to enhance efficiency while sustaining profits over a period of five years, according to a... Read More >
  • Winning Streak Of Dow Ends On Friday, Wall Street stocks fell as a drop in JPMorgan Chase led to the end of the 10-day rally of Dow Jones industrial average while the United States dollar retreated from a high of seven months... Read More >