U.S. stocks on Wall Street surged Thursday (06/10/2010) local time, amid growing expectations for global economic recovery driven by positive economic news in Asia.
Dow Jones Industrial Average jumped 273.28 points (2.76 percent) to close at 10172.53. The Nasdaq technology index rose 59.86 points (2.77 percent) to 2218.71 and the broader market S & P 500 index increased 31.15 points (2.95 percent) to 1086.84 while the position.
“Smaller than expected U.S. trade deficit pelebarab and jobless claims figures are more optimistic overshadowing disappointing international data, mainly from China,” said Sara Kline from Moody’s Economy.com.
“News from Asia to convince investors the global recovery is still intact,” said Scott Marcouiller of Wells Fargo Advisors.
China’s exports exceeded the estimates, the unemployment rate falls in South Korea and Australia, Japan reported the economy is growing more than previously estimated in the first quarter, and New Zealand raised its benchmark interest rate for the first time since 2008, he said.
China, the world’s third largest economy, is considered the engine of global economic recovery, said the trade surplus rose in May due to strong foreign demand boost exports soared 48.5 percent from a year ago.
The Government of Japan, reported the world’s second largest economy grew 5.0 percent in the first quarter, faster than an initial estimate of 4.9 percent and well above expectations.
Euro soared above 1.21 dollars, reflecting fears of debt crisis, euro zone is reduced.
Investors seemed to ignore the U.S. government’s latest data on international trade and initial unemployment claims, a focus on improving global outlook.
