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Markets post quick gains Thursday

Thu, 11/04/2010 - 23:28 by Prince damin

New York -- U.S. markets surged early Thursday on encouraging data backed by a U.S. Federal Reserve decision to pump $600 billion into the economy through Treasury bonds.

The Fed said Wednesday it would buy $75 billion in long-term bonds per month through June. The decision was made after reports earlier in the week showed gains in U.S. and Chinese manufacturing and in service-oriented U.S. business activity.

Equity markets rose across Asia and Europe Thursday morning. In midmorning trading on Wall Street, the Dow Jones industrial average added 156.63 points or 1.4 percent to 11,371.80. The Standard & Poor's 500 index gained 14.99 or 1.25 percent to 1,212.95. The Nasdaq composite index jumped 30.044 or 1.2 percent to 2,570.71.

The benchmark 10-year Treasury note rose 28/32 to yield 2.48 percent.

The euro rose to $1.4258 from Wednesday's $1.4121. Against the yen, the dollar fell to 80.675 yen from Wednesday's 81.14 yen.

In Tokyo, the Nikkei 225 index rose 2.17 percent, 198.40, to 9,358.78.

Copyright 2010 United Press International, Inc. (UPI).

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