MILAN (AP) — World stock markets shot higher Friday after the Federal Reserve met investor expectations by giving the green light to big asset purchases to boost the U.S. economy.
"What wasn't expected – and explains the particularly exuberant reaction by markets – was the open-ended nature of the latest plan, with the U.S. committing to buy bonds until the economy improves.," said David Jones, IG chief market strategist. "All of this has raised hopes of providing a shot in the arm for the global economy."
European stocks surged. Britain's FTSE 100 rose 1.5 percent to 5,910.95. Germany's DAX gained 1.37 percent to 7,410.65 and France's CAC-40 added 1.98 percent to 3,571.27. And Wall Street opened higher, on track to record one of the best weeks since June. The Dow Jones Industrial was up 65 points to 13,605, the S&P was up seven points at 1,467, and the Nasdaq composite index was up 21 at 3,177.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
