May 24, 2013
Global shares end up after Fed, Cyprus fears ease
US stocks climbed today, with the S&P 500 snapping a three-day losing streak as the Federal Reserve reassured investors that it would keep supporting the economy.
The Dow Jones industrial average gained 55.91 points, or 0.39 percent, to end at 14,511.73, after rising as high as 14,546.82, an intraday record. The Standard & Poor's 500 Index rose 10.37 points, or 0.67 percent, to 1,558.71. The Nasdaq Composite Index climbed 25.09 points, or 0.78 percent, to close at 3,254.19.
European shares broke a three-day losing streak today as investors bet on policymakers finding a fix for Cyprus' bailout problems, although some traders cautioned against buying up equities at current levels.
The pan-European FTSEurofirst 300 index closed up 0.3 percent at 1,198.88 points while the euro zone's blue-chip Euro STOXX 50 index rose 1.4 percent to 2,708.90 points.
A 2.5 percent gain at Sanofi added the most points to the FTSEurofirst 300 and sent the drugmaker to 7-year highs, as traders cited speculation that Sanofi could get regulatory approval for its Aubagio multiple sclerosis treatment pill.
Japan's Nikkei average rebounded 2 percent on Tuesday, regaining some ground lost in the previous session as fears receded that a controversial bailout proposal for Cyprus could reignite the euro zone crisis.
The Nikkei added 247.60 points to 12,468.23 after sliding 2.7 percent on Monday, its biggest one-day drop in 10 months. The index is just 0.74 percent away from a 4-1/2 year
high of 12,560.95 marked last Friday.