May 22, 2013
Global shares edge up
US stocks advanced today, led by defensive sectors, in a sign the cash piles recently moving into the market are being put to use by cautious investors to pick up more gains.
The Dow Jones industrial average was up 64.01 points, or 0.46 percent, at 13,945.94. The Standard & Poor's 500 Index was up 6.45 points, or 0.43 percent, at 1,506.63. The Nasdaq Composite Index was down 5.85 points, or 0.19 percent, at 3,148.45.
European equities scaled fresh two-year highs today, boosted by miners, as optimism about economic recovery gained momentum after robust US home price data and comments over growth in top metals consumer China.
The FTSEurofirst 300 ended up 0.4 percent at 1,177.79, its highest close since Feb. 18, 2011, taking the rally off its June lows to around 24 percent. Mining stocks ended the day up 1.8 percent.
In Asia, the Nikkei share average edged up as investors welcomed a newspaper report that major banks were likely to have significantly larger profits this year, while small caps such as bio-chemical stocks attracted retail investors.
The Nikkei rose 0.4 percent to close at 10,866.72, or 1.2 percent below a 32-month high of 11,002.86 reached yesterday.
The broader Topix gained 0.8 percent to 920.76, with 3.47 billion shares changing hands, the same level with last week's average daily volume of 3.44 billion shares.