Dhaka, Bangladesh (BBN) – Major global stocks advanced over the week on optimistic economic data, according to reports.
Wall Street started the week with hefty gains as a stronger-than-expected labor market report bolstered optimism that U.S. economy would not fall back into recession, but failed to sustain the rally as investors seized on renewed concerns about European banks as a reason to sell shares.
However, stocks resumed their rally on Wednesday after successful bond auctions in Portugal and Poland revived some appetite for risk. The Dow Jones Industrial Average (DJIA) rose 117.54 points or 1.14 percent over the week. The Nasdaq Composite Index added 52.03 points or 2.39 percent over the same period.
Asian stocks touched this week one-month highs after the latest U.S. jobs data pacified for now investors who worried a second recession in the world’s biggest economy was high. Fewer than expected U.S. job losses in August reassured the investors about the state of the global economy and helped Japan’s Nikkei 225 index to gain for a fourth day on Monday.
However, Nikkei dropped 2.1 percent on Wednesday, pulling back further towards a 16-month low, as the JPY’s advance to a new 15-year high sapped investor confidence and hit shares of exporters. The Nikkei 225 index ended the week at 9,098.39, adding 62.67 points or 0.69 percent over the previous week.
BBN/SSR/AD-13Sept10-11:40 am (BST)