Stocks are expected to join the global party

• tanvi_singh
• October 31, 2009

Stocks are expected to join the global party Friday as overseas markets rallied overnight after US GDP data stoked growthoptimism.US stocks logged their best one-day percentage gain in three months on Thursday as investors cheered US economic data which showed the economy returned to growth in the third quarter as brightening the outlook for profits.

The Dow Jones Industrial Average gained 199.89 points, or 2.05 per cent, to end at 9,962.58. The Standard & Poor’s 500 Index jumped 23.48 points, or 2.25 per cent, to 1,066.11 – marking its biggest one-day percentage gain in three months. The Nasdaq Composite Index shot up 37.94 points, or 1.84 percent, to close at 2,097.55.

Asian markets were also on a roll tracking advances on Wall Street and as Japan’s jobless rate unexpectedly dropped. The Nikkei climbed 1.26 per cent, Topix rose 1.07 per cent, Hang Seng surged 3.13 per cent and Straits Times rallied 1.53 per cent.

Back home, stocks extended losses for the fourth consecutive day and ended the October F&O series in the red Thursday. Ongoing correction in the global markets and bearish sentiments back home triggered the fall.

Bombay Stock Exchange’s Sensex closed the day at 16,052.72, down 230.77 points or 1.42 per cent from Wednesday. The index touched a high of 16,264.09 and low of 15,993.83 during the day.

National Stock Exchange’s Nifty ended at 4750.55, down 75.6 points or 1.57 per cent. The broader index hit a low of 4738.40 and high of 4826.10.
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• Last Modified: October 31, 2009
• Filed Under: Latest News, MARKETS, NATION, WORLD