May 18, 2013
US stocks rally on ECB, US jobs; European shares drop
The S&P 500 extended gains to a fourth day on Thursday, putting it on the cusp of a new five-year high if Friday's jobs report shows encouraging signs for the labor market.
The rally was broad, with all 10 S&P 500 sectors up and financials in the lead. The S&P's financial index gained 1.5 percent.
The Dow Jones industrial average gained 80.75 points, or 0.6 percent, to 13,575.36 at the close. The S&P 500 rose 10.41 points, or 0.72 percent, to 1,461.40. The Nasdaq Composite added 14.23 points, or 0.45 percent, to end at 3,149.46.
European shares closed fractionally lower as a gloomy economic outlook dented sentiment, outweighing a boost to risk appetite from global monetary stimulus.
The FTSEurofirst 300 index provisionally closed 0.1 percent lower at 1,100.33 points, keeping within a tight trading range that has trapped the index for most of this week, as coordinated stimulus action from global central banks underpinned underlying appetite for equities.
Japan's Nikkei share average snapped a four-session losing streak as sentiment was boosted by a strong showing by the pro-business US Republican candidate, Mitt Romney, in his first debate with President Barack Obama, dealers said.
The Nikkei advanced 0.9 percent to 8,824.59, but faced resistance at its 75-day moving average at 8,871.78, while US S&P futures rose 0.4 percent.
The broader Topix rose 1.1 percent to 735,38, with nearly 1.64 billion shares changing hands, up from Wednesday's 1.4 billion and last week's average of 1.6 billion.