Markets rallyon better than expected Spanish debt auction $DIS:xnys
- Published: 30 April 2012
- Stocks pushed higher overnight and treasuries fell as Spain sold more debt than targeted and the International Monetary Fund raised economic forecasts.
- The S&P500 added 1.6 percent which was its biggest gain in over a month whilst the Stoxx Europe rallied 2 percent positing its largest gain for 2012.
- Energy and technology shares paved the way for gains in all 10 of the main industry groups. Apple rebounded 5.1 percent after several brokerage houses in the U.S advised buying the stock after its 5 day tumble which saw it lose 8.8 percent.
- Stocks rallied even after the Federal Reserve data showed slowing factory production and U.S housing starts.
- DOW 194.13 pts, S&P 500 21.21 pts, Nasdaq 54.42 pts
- Yields on Spanish 10 year bonds lost 18 basis points whilst Italian yields lost 12 basis points. Ten year Treasury note yields increased 2 basis points to 2.00 percent
- Oil gained $1.26 to close at $104.19 per barrel, a two week high following on the positive news from Spain and the IMF
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