Monday, April 16, 2012

Global shares turn positive on US data

The Dow rose on Monday as robust US retail sales data helped large-cap consumer stocks, but a 4 percent slide in Apple hurt the Nasdaq.

US retail sales for March shot up 0.8 percent, sharply higher than the forecast, pushing Procter & Gamble up 1.5 percent, while giving Wal-Mart Stores, the world's largest retailer, a 1.4 percent boost.

The Dow Jones industrial average rose 71.82 points, or 0.56 percent, to 12,921.41 at the close. But the Standard & Poor's 500 Index inched down 0.69 of a point, or 0.05 percent, to 1,369.57. The Nasdaq Composite Index dropped 22.93 points, or 0.76 percent, to close at 2,988.40.

European shares regained poise, as stronger-than-expected US retail sales data gave investors the excuse to jump back into the oversold asset class, partly eclipsing concern about Spain's mounting debt costs.

The pan-European FTSEurofirst 300 closed 0.5 percent higher at 1,032.43 points. The Euro STOXX 50 index of euro zone bluechips rose 0.4 percent, rebounding after its worst week in four months when EPFR data showed investors continued to move money out of European equity funds.

Japan's Nikkei share average fell 1.7 percent as investors cut their exposure to risky assets in response to fresh concerns over the euro zone debt crisis after Spanish bond yields soared.

The Nikkei closed down 167.35 points to 9,470.64, falling below 9,500, a key psychological level. The broader Topix index dropped 1.4 percent to finish at 803.83 yen.