Friday, April 27, 2012

Global stocks rally by the end of the week

US stocks advanced on Friday and posted their best weekly gains in a month as stronger-than-expected earnings from Amazon.com and Expedia Inc reinforced confidence in corporate performance.

Wall Street managed a fourth day of gains as the strong earnings season outweighed a surprisingly weak reading on first-quarter economic growth.

The Dow Jones industrial average was up 23.69 points, or 0.18 percent, at 13,228.31. The Standard & Poor's 500 Index was up 3.38 points, or 0.24 percent, at 1,403.36. The Nasdaq Composite Index was up 18.59 points, or 0.61 percent, at 3,069.20.

Europe's top share index rose as bumper corporate results from the likes of Sandvik helped offset fresh macroeconomic gloom after US growth data missed forecasts and Spain was hit by a two-notch ratings downgrade.

The FTSEurofirst closed up 7.19 points, or 0.7 percent, at 1,051.50, despite the backdrop of euro zone debt problems, which remain a huge pothole on the road to recovery.

In Asia, Japan's Nikkei share average ended lower in choppy trade and closed out its worst April since 2005 today, after the Bank of Japan's move to boost its bond buying failed to ignite lasting confidence among investors over the fragile economy.

The benchmark Nikkei ended down 40.94 points at 9,520.89, reversing course after jumping as high as 9,691.70 shortly after the BOJ announcement.

The broader Topix slipped 0.7 percent to 804.27. Trading volume spiked, with 2.19 billion shares changing hands on the main board, up from 1.56 billion shares yesterday.