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The stock market closed higher last week on stronger than expected ISM data. All major stock indices rose more than
3%. The market advance was fairly broad-based.
Among the 30 stocks in the DJIA, only Philip Morris slid, and just seven companies in the S&P 500 fell. J.P. Morgan and AIG led financial stocks higher on the settlement of a claim dispute. Computer and telecommunication stocks also rose after the release of ISM data.
The best performing stocks were Intel, IBM and Lucent Technologies, each gaining more than 4%. On Friday, the profit warning from Home Depot a dented other retail stocks, but the buoyant market tone and a spurt of late buying brought the three major stock indices back to near breakeven.
This week the market will focus on Bush's new economy plan to be announced to-morrow. The package may push forward previously passed tax cut and contain proposals for eliminating double-taxation of corporate dividends. This measure is considered to be significant because it may encourage cash rich companies to pay out more dividends.
Europe
European stocks also gained on optimism that economic growth would rebound this year. The strong ISM index helped to propel the markets to close higher. CAC was up 4.3% and DAX rose 7.3%.
Insurance and bank stocks rallied with AXA, Aegon, Commerzbank and Deutsche Bank leading the market. These stocks were very over-sold last year on concerns for depleted reserve and bad loans.
Other stock sectors also performed well but gains pared on the disappointing Eurozone and U.K. manufacturing PMI indices.
Japan
Japan started the year with a positive tone. The market rose
with stocks relying on U.S. sales on optimism that Bush's
new fiscal stimulus plan would boost Japanese export growth.
Toyota Motor, Canon, Sony and Shin-Etsu Chemical led the market advance. The Nikkei 225 index climbed 134 points or 1.57% in its first morning of trading this year to 8713. The Topix index also jumped 2% to 860. Computer-related shares were the biggest gainers.
A little New Year optimism
Global stock markets rallied to show a little New Year optimism but whether this can be sustained remains to be seen.
Tuesday, January 07 - 2003 at 16:55
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HSBCTuesday, January 07 - 2003 at 16:55 UAE local time (GMT+4)
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This Article was updated on Wednesday, March 28 - 2007
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