Market Update & Important Indicators
U.S. stocks climbed Wednesday as technology and financial stocks rallied and investors embraced encouraging signals over Greece's financing talks. The Dow Jones Industrial Average rose 236 points, or 1.3%, to 18,000. The S&P 500 index added 25 points, or 1.2%, to 2,105. Stocks extended gains on both sides of the Atlantic after reports suggested Greece and its international creditors may be inching closer to a bailout compromise.
European stocks fell in early trade on Wednesday, putting markets on course for a seventh straight session of declines. This was reversed during the course of the day, however, with strong gains shown across the boards. UK’s FTSE climbed 1.1%, the German DAX finished up 2.4% and France’s CAC gained 1.8%.
Stocks in China pared losses Wednesday that stemmed from a decision by index provider MSCI Inc. not to add Chinese domestic stocks to its widely tracked emerging markets index. It had been down more than 2% in the morning after MSCI Inc. decided not to add China's A-shares to its emerging markets index as foreigners still have trouble accessing the market. However MSCI said it would add the shares at some point. The Hang Seng Index closed down 1.1% at 26,688. The Nikkei Stock Average ended down 0.3% as the yen rose to around 122.80 against the U.S. dollar after Bank of Japan Governor Haruhiko Kuroda predicted the yen wouldn't soften further.
Amongst the base metals, copper and nickel finished 1.1% and 0.8% higher respectively. Gold added 0.8% to $1,186/oz and Brent crude tacked on 1.2% to $63.88/bbl.
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