Friday, March 30, 2012

Global stocks rise on US data

World stock markets advanced on Friday, posting double-digit gains for the quarter, as economic reports showing US consumer spending and sentiment still on the rise helped buoy stock prices and undercut the desire to hold bonds.

US government debt prices fell, marking the end of a tumultuous first quarter for Treasuries, marked by their worst three-month period since the fourth quarter of 2010.

The Dow Jones industrial average gained 66.22 points, or 0.50 percent, to 13,212.04. The S&P 500 Index gained 5.19 points, or 0.37 percent, to 1,408.47. The Nasdaq Composite dipped 3.79 points, or 0.12 percent, to 3,091.57.

European share prices snapped a three-day losing run to end the first three months of the year up 6.8 percent, the biggest first-quarter gain since 2006, after euro zone finance ministers agreed to boost rescue funds for the member nations.

The FTSEurofirst 300 index of top European shares ended up 0.9 percent at 1,069.03 points, while the blue chip Euro STOXX 50 won 1 percent at 2,477.28 points.

Japan's Nikkei share average fell for a third straight session on Friday as investors pocketed gains from the strongest first quarter rally in 24 years, while the market waited on key global events next week for direction.

The Nikkei closed down 0.3 percent at 10,083.56, moving further from a one-year closing high of 10,255.15 on Tuesday. The broader Topix index was down 0.4 percent to 854.35.