Equities, Euro, Commodities Rally on Greek Aid Speculation |
| BusinessWeek - Feb 9, 2010 |
Stocks rallied, with emerging-market equities recovering from the worst three-day slide in a year, and the euro and commodities gained on speculation Greece will get European help to tackle its budget deficit.
The Standard & Poor’s 500 Index rose 1.2 percent at 9:42 a.m. in New York. The MSCI Emerging Markets Index increased 1.6 percent after falling 6.1 percent in the past three sessions. Greece’s ASE Index climbed 5 percent, rebounding from four days of losses. The euro strengthened 0.7 percent against the dollar, snapping four days of declines, and ended a three-day drop against the yen. Oil, copper and aluminum increased at least 0.9 percent to lead gains in commodities.
European Union leaders will discuss Greece’s plans to reduce the region’s biggest deficit when they meet Feb. 11, and European Central Bank President Jean-Claude Trichet’s decision to leave a meeting of policy makers in Sydney one day early fanned speculation that officials will agree on aid. European Commission President Jose Barroso said investors would be wrong to bet against the euro.
Read Full Article from BusinessWeek
- Posted: 2010-02-09 11:12:54
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