May 25, 2013
Global stocks rebound on economic data
Global equity markets bounced back today after data showed the vast US services sector extended a three-year expansion in January, while business activity in the euro zone showed signs of recovery.
US stocks recouped most of today's losses, fuelled by strong fourth-quarter earnings and signs of improving economic growth that suggested the trend for equities remains higher.
The Dow Jones industrial average was up 99.39 points, or 0.72 percent, at 13,979.47. The Standard & Poor's 500 Index was up 15.33 points, or 1.02 percent, at 1,511.04. The Nasdaq Composite Index was up 39.18 points, or 1.25 percent, at 3,170.34.
European stocks rose today as signs of economic recovery in the euro zone helped soothe investor worries a day after the return of political risks in Spain and Italy sparked a sell-off.
The FTSEurofirst 300 index of leading European shares closed 0.3 percent higher at 1,154.47 points.
In Asia, Japan's Nikkei share average fell, snapping a five-day winning streak as renewed worries about the euro zone crisis triggered profit-taking from recent gains, with the benchmark pulling away from a 33-month high hit the previous day.
The Nikkei dropped 1.9 percent to 11,046.92, moving away from a 33-month closing high of 11,260.35 hit yesterday. The Nikkei's volume hit 3.85 billion shares, the highest level since March 2011.