Wall Street surges; NASDAQ ends up 3.8% while Asian markets trading mixed; Nikkei, Shanghai Composite up
Economic news
The US’ fourth-quarter GDP was down by 6.3% but it was better than the 6.2% expected. Weekly initial jobless claims posted a small rise last week and were in line with the expectations. Mortgage rates dropped to their lowest level ever. Interest rates on the 30-year fixed mortgages fell to a record 4.85%.
The US markets rallied as investors were encouraged by decent demand for a USD 24-billion auction of seven-year treasury notes and some better-than-expected quarterly earnings from Best Buy. The NASDAQ shot up nearly 3.8% after a big surge in the final minutes of trading.
The Dow gained 174.75 points, or 2.3%, at 7,924.56. The S&P 500 index added 18.98 points, or 2.3%, to 832.86.
Economic news
The US’ fourth-quarter GDP was down by 6.3% but it was better than the 6.2% expected. Weekly initial jobless claims posted a small rise last week and were in line with the expectations. Mortgage rates dropped to their lowest level ever. Interest rates on the 30-year fixed mortgages fell to a record 4.85%.
The US markets rallied as investors were encouraged by decent demand for a USD 24-billion auction of seven-year treasury notes and some better-than-expected quarterly earnings from Best Buy. The NASDAQ shot up nearly 3.8% after a big surge in the final minutes of trading.
The Dow gained 174.75 points, or 2.3%, at 7,924.56. The S&P 500 index added 18.98 points, or 2.3%, to 832.86.
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