May 22, 2013
Wall Street gains on M&A optimism
Global stock markets rose today as US stocks were boosted by news of yet another possible merger that suggested there is still room to the upside, while a pick-up in German economic sentiment supported European stocks.
The Dow Jones industrial average ended up 53.91 points, or 0.39 percent, at 14,035.67. The Standard & Poor's 500 Index was up 11.15 points, or 0.73 percent, at 1,530.94. The Nasdaq Composite Index gained 21.56 points, or 0.68 percent, at 3,213.59.
US markets were closed yesterday for the Presidents Day holiday.
European shares edged higher today ahead of German economic sentiment data, while the yen rose after Japanese ministers played down talk the Bank of Japan might buy foreign bonds to loosen credit.
Following last week's GDP figures showing that the euro zone saw a weaker end to 2012 than expected, forecasters see a pick-up in Germany's ZEW survey of investors and analysts at 1000 GMT, which may point to rebound in the bloc's biggest economy.
European stock markets, which have lost around 1.5 percent since the end of January, bounced backed from yesterday's weak session in early trading, with the FTSEurofirst 300 up 0.4 percent led by 0.7 and 0.5 percent gains on Paris's CAC-40 and Frankfurt's DAX.
Japan's Nikkei share average edged down today as Japanese Finance Minister Taro Aso played down talk of foreign bond buying by the central bank, while index heavyweight Fanuc Corp dropped on weak machine tool orders from China.
Analysts said that the Japanese market's rise had steadied while the yen's fall had lost momentum as investors grew wary of taking large positions until there was clarity on Bank of Japan's next governor.
The Nikkei dropped 0.3 percent to 11,372.34, after jumping 2.1 percent yesterday to near a 4-year high struck on February 6.
The broader Topix added 0.1 percent to 963.61 as stellar profits for tyre maker Bridgestone Corp helped the rubber products sub-index jump 8.0 percent as the best-performing sector.