May 23, 2013
Global shares jump on China, Spain
The S&P 500 snapped a five-day string of declines in a broad-based rally on Thursday, as Spain's plans for economic reform eased some worries about one of the euro zone's most troubled countries.
The Dow Jones industrial average shot up 72.46 points, or 0.54 percent, to 13,485.97 at the close. The Standard & Poor's 500 Index rose 13.83 points, or 0.96 percent, to finish at 1,447.15. The Nasdaq Composite Index gained 42.90 points, or 1.39 percent, to close at 3,136.60.
European shares closed a touch higher in thin trade, lifted by expectations of economic stimulus in China, but uncertainty about Spain's fiscal reforms kept gains in check and investors braced for new market jitters.
The pan-European FTSEurofirst 300 index closed 4.35 points, or 0.4 percent, higher at 1,103.26, recouping a fraction of the 20.78 points dropped in the previous session after largely weak U.S. data caused gains to be trimmed late in the session.
The index had traded a mere 80 percent of its 90-day daily average volume by the close.In Asia, Nikkei average rose, rebounding from the previous session's sharp fall, as a surge in Chinese stocks lifted sentiment in the region, countering concerns over the euro zone crisis after anti-austerity protests in Spain.
The Nikkei ended 0.5 percent higher at 8,949.87 after sagging 2 percent yesterday as a mass of companies went ex-dividend. The broader Topix index added 0.4 percent to 745.59.