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 Chinese government stimulus hopes provide lift to stock mark |
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Chinese government stimulus hopes provide lift to stock mark -- ferncrest - (4853 Byte) 2009-3-05 周四, 00:20 (1421 reads) |
valley
头衔: 海归上校
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加入时间: 2004/02/20
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作者：valley 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
By PETER A. MCKAY and ROB CURRAN
Stocks snapped a five-day losing skid as hopes for a new stimulus package in China prompted traders to buy industrial and commodities stocks.
The Dow Jones Industrial Average climbed 149.82 points, or 2.2%, to end at 6875.84. Caterpillar, a major exporter to China, surged 13% and Alcoa climbed 13%. Chevron and Exxon Mobil climbed as crude-oil prices settled above $45 a barrel. The Standard & Poor's 500 Index rose 16.53, or 2.4%, to 712.86, as its energy and basic-materials sectors jumped.
Analyst Steve Condon, of the portfolio-management firm Truepoint Capital in Cincinnati, said he's been trying to convince jittery clients lately not to unload their stock holdings.
"At these valuations, you have to be a buyer if you're investing for a long-term frame," said Mr. Condon. "At the very least, if we can't get people to add to their positions, we try to avoid liquidating."
China's Shanghai Composite surged 6.1% Wednesday on hopes Beijing will step up its attempts to stimulate the country's economy. Like the U.S., China has already seen a previous stimulus plan fall flat in the markets.
The U.S. and China are viewed as twin engines of global economic growth, and China's rapid industrialization helped drive a surge in commodities prices that peaked last year. China's surprising vulnerability to the financial crisis was one of the biggest weights on industrial and commodities sectors in recent months.
Wednesday, the "China trade" was back on. Traders around the globe snapped up heavy-equipment, metals and oil-company stocks. In Europe, sharp gains in companies like Rio Tinto and Anglo American drove market indexes up. The PowerShares Golden Dragon Halter, an exchange-traded fund holding China-related stocks, jumped 7.5%. Baidu, the Chinese Internet search company, saw its shares surge 8.8%.
Technology stocks broadly benefited from hopes for stronger growth in China and elsewhere. The Nasdaq Composite Index advanced 32.73 points, or 2.5%, to 1353.74 as Yahoo, up 5.3%, Research In Motion, up 6.7%, and Apple, up 3.2%, rallied.
作者：valley 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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