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Markets post solid gains

Fri, 11/05/2010 - 00:22 by Prince damin

New York -- U.S. markets surged 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. In early afternoon trading on Wall Street, the Dow Jones industrial average added 181.87 points or 1.62 percent to 11,397.00. The Standard & Poor's 500 index gained 18.09 or 1.51 percent to 1,216.05. The Nasdaq composite index jumped 30.52 or 1.2 percent to 2,570.79.

The benchmark 10-year treasury note rose 28/32 to yield 2.48 percent.
The euro rose to $1.4209 from Wednesday's $1.4121. Against the yen, the dollar fell to 80.67 yen from Wednesday's 81.14 yen.

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

In London, the FTSE 100 index added 1.98 percent, 113.82, to 5,862.79.

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

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