Pure
Fiel a Verdad
- Joined
- Dec 20, 2001
- Posts
- 15,135
China decides not to pull the plug on Europe. SAFE will keep it safe.
http://voices.washingtonpost.com/ec...cks_surge_at_opening_as_chi.html?hpid=topnews
Stocks continue rally, thanks to Beijing's boost
UPDATED at 11:22 a.m.:
The stock rally is growing more muscular as the trading day continues, thanks to China's backing of Europe and a slight drop in new U.S. unemployment claims filed last week.
The Dow has climbed well back above the 10,000 mark, and is up 1.9 percent.
The broader S&P 500 is up 2.2 percent.
The tech-heavy Nasdaq is up 2.6 percent.
The rally has popped the price of oil, and crude is up sharply to $74 per barrel. Gold is trading higher, as well, and is back above $1,200 per ounce.
Stocks surge at opening
10:09 a.m.: Stocks are surging in early trading today, as China shot down rumors that it is considering dumping European debt.
In the first 45 minutes of trading, the Dow is up 1.7 percent.
The broader S&P 500 is up 2 percent.
The tech-heavy Nasdaq is up 2.3 percent.
The Financial Times reported that China was considering selling its European debt holdings because of the Continent's ongoing debt worries. If true, this would be a major blow to Europe and the euro, and even the rumor of it sparked big sell-offs in European and U.S. stocks.
But today, the agency that manages China's $2.5 trillion in foreign reserves said, no, the authoritarian state is keeping its European debt. That news cheered European markets, which are up 2 percent in Germany, England and France. It also goosed the euro, which is trading up against the dollar.
"Europe has been, and will be one of the major markets for investing China's exchange reserves," said SAFE, the State Administration of Foreign Exchange in China. "We believe that with the joint efforts of the international community, the euro zone will be able to overcome its difficulties and maintain the steady and healthy development of European financial markets."
http://voices.washingtonpost.com/ec...cks_surge_at_opening_as_chi.html?hpid=topnews
Stocks continue rally, thanks to Beijing's boost
UPDATED at 11:22 a.m.:
The stock rally is growing more muscular as the trading day continues, thanks to China's backing of Europe and a slight drop in new U.S. unemployment claims filed last week.
The Dow has climbed well back above the 10,000 mark, and is up 1.9 percent.
The broader S&P 500 is up 2.2 percent.
The tech-heavy Nasdaq is up 2.6 percent.
The rally has popped the price of oil, and crude is up sharply to $74 per barrel. Gold is trading higher, as well, and is back above $1,200 per ounce.
Stocks surge at opening
10:09 a.m.: Stocks are surging in early trading today, as China shot down rumors that it is considering dumping European debt.
In the first 45 minutes of trading, the Dow is up 1.7 percent.
The broader S&P 500 is up 2 percent.
The tech-heavy Nasdaq is up 2.3 percent.
The Financial Times reported that China was considering selling its European debt holdings because of the Continent's ongoing debt worries. If true, this would be a major blow to Europe and the euro, and even the rumor of it sparked big sell-offs in European and U.S. stocks.
But today, the agency that manages China's $2.5 trillion in foreign reserves said, no, the authoritarian state is keeping its European debt. That news cheered European markets, which are up 2 percent in Germany, England and France. It also goosed the euro, which is trading up against the dollar.
"Europe has been, and will be one of the major markets for investing China's exchange reserves," said SAFE, the State Administration of Foreign Exchange in China. "We believe that with the joint efforts of the international community, the euro zone will be able to overcome its difficulties and maintain the steady and healthy development of European financial markets."
