December 5, 2013
Wall Street ends higher, resuming upward trend on Fed
US stocks resumed their move up as economic data underscored views US monetary stimulus will be in place for the foreseeable future and earnings offered some upbeat news.
On Wall Street, the Dow Jones industrial average ended up 95.88 points, or 0.62 percent, at 15,509.21. The Standard & Poor's 500 Index was up 5.69 points, or 0.33 percent, at 1,752.07. The Nasdaq Composite Index was up 21.89 points, or 0.56 percent, at 3,928.96.
Mining and auto stocks lifted European shares after encouraging manufacturing data from big consumer China, but mixed earnings from companies trading on high valuations capped gains.
Mining shares rose 0.6 percent after the flash Markit/HSBC Purchasing Managers Index (PMI) for China hit a seven-month high, although volumes were comparatively lower than in the broader market, suggesting investors were not fully committed to the trade.
Gains among miners helped the FTSEurofirst 300 rise 3.17 points, or 0.3 percent to 1,283.16 after dipping 0.6 percent dip yesterday.
The index has rallied 35 percent since June 2012.
Meanwhile, Japanese shares rose recovering from a two-week low hit earlier with traders citing domestic investors buying futures on the dip, offsetting concerns over China's economic outlook.
The benchmark Nikkei added 0.4 percent to 14,486.41 after dropping to 14,273.71 in morning trade, the lowest point since Oct. 10. The Topix gained 0.6 percent to 1,203.35.