U.S. and European stocks rallied today, spurred on by encouraging fourth quarter earnings and optimistic rhetoric surrounding the Euro-zone. The day’s data seems to confirm the current view of many traders that the global economy is strengthening.
Corporate data has further added to this confidence. 68.7 percent of Standard & Poor’ 500 companies announced earnings that came in higher than expected.
The Dow Jones closed at 13,985.22, up 105.14 points, or a rise of 0.76 percent. The S&P 50 closed up 0.85 percent at 1,508.39 a gain of 12.68 points. The Nasdaq was up by 0.98 percent, closing at 3,161.88.
Meanwhile U.S. Treasuries prices dropped, spurred the release of the Eurozone Composite PMI, which revealed some encouraging results reaching its highest point in10-month high of 48.6. This data is a composite of thousands of companies’ performance and is a good indicator of growth.
Brent crude oil went up by $1.32 a barrel to $116.92. U.S. Crude oil futures also rose to $96.80.
The euro rose again against both the dollar and the yen, continuing its recent upward trend. It rose by 0.39 percent trading at $1.3566 against the dollar.