Dow, S&P 500 soar to new records on Bank of Japan stimulus

GMT 21:08 2014 Friday ,31 October

Arab Today, arab today Dow, S&P 500 soar to new records on Bank of Japan stimulus

The front of the New York Stock Exchange is seen on Wall Street
New York - AFP

US equities powered to fresh records Friday after the Bank of Japan's surprise stimulus ignited a rally on global stock exchanges.
The Dow Jones Industrial Average leaped 195.10 points (1.13 percent) to 17,390.52, surpassing the prior record by more than 100 points.
The S&P 500 surged 23.40 (1.17 percent) to 2,018.05, almost seven points above its prior peak, while the tech-rich Nasdaq Composite rose 64.60 (1.41 percent) to 4,630.74, its highest close of the year.
The BoJ announced on Friday it would add up to 20 trillion yen ($182 billion) to its current asset-buying scheme, bringing it to 80 trillion yen annually in an unexpected shift aimed at reviving growth just as the US Federal Reserve winds down its own stimulus spree.
Strong earnings from oil and technology companies, and Thursday's buoyant report on US economic growth added momentum to Friday's trade. But analysts said the BoJ move was the biggest factor.
"Obviously, the market is rallying on the back of enormous stimulus on the part of central bankers," said Alan Skrainka, chief investment officer at Cornerstone Wealth Management.
"This latest move by Japan surpassed all expectations and risk assets are responding in a logical fashion."


Arab Today, arab today
Arab Today, arab today
arabtoday arabtoday arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabs, Arab, Arab