Seven-Year High for Chinese Markets, GE Share Price Boosted After Buyback Announcement
April 13, 2015 7:59 am
U.S. stocks ended a strong week with a broad rally on Friday as investors lauded GE’s decision to divest most of its high-risk GE Capital business and repurchase up to $50 billion-worth of its shares. A rally in China’s stock markets to seven-year highs on Monday kept an index of Asian shares near its highest level since September, as weak Chinese trade data intensified expectations for more economic stimulus measures from Beijing. The Dow closed the week 98 points higher at 18,507, the S&P500 gained 10 points to close at 2,102.
A renewed drop in the Euro powered the European gains, with the single currency slumping to a 3-1/2 week low of $1.0567 on Friday. On Monday, it slipped about 0.2% on the day to $1.0587. Against its Japanese counterpart, the Dollar added 0.1% to 120.40 Yen, with expectations of higher U.S. interest rates while Japan’s stay low bolstering the Greenback in the long term. The Australian Dollar, considered a liquid proxy of China plays, slid 1.2% to $0.7592. That brought the Aussie back within sight of a low of $0.7534 set on April 2, its lowest level in about six years. The Pound fell to as low as $1.4567 GB, its weakest level since June 2010.
Brent was up about 0.1% at $57.92 a barrel, after adding 5.3% for the week. U.S. crude rose about 0.3% to $51.78 after an increase of 5.0% last week, its fourth consecutive weekly rise. Spot gold fell about 0.2% on the day to $1,204.20 an ounce, after snapping a three-week winning streak on a stronger dollar.
U.S. stocks ended a strong week with a broad rally on Friday as investors lauded GE’s decision to divest most of its high-risk GE Capital business and repurchase up to $50 billion-worth of its shares. A rally in China’s stock markets to seven-year highs on Monday kept an index of Asian shares near its highest level since September, as weak Chinese trade data intensified expectations for more economic stimulus measures from Beijing. The Dow closed the week 98 points higher at 18,507, the S&P500 gained 10 points to close at 2,102.
A renewed drop in the Euro powered the European gains, with the single currency slumping to a 3-1/2 week low of $1.0567 on Friday. On Monday, it slipped about 0.2% on the day to $1.0587. Against its Japanese counterpart, the Dollar added 0.1% to 120.40 Yen, with expectations of higher U.S. interest rates while Japan’s stay low bolstering the Greenback in the long term. The Australian Dollar, considered a liquid proxy of China plays, slid 1.2% to $0.7592. That brought the Aussie back within sight of a low of $0.7534 set on April 2, its lowest level in about six years. The Pound fell to as low as $1.4567 GB, its weakest level since June 2010.
Brent was up about 0.1% at $57.92 a barrel, after adding 5.3% for the week. U.S. crude rose about 0.3% to $51.78 after an increase of 5.0% last week, its fourth consecutive weekly rise. Spot gold fell about 0.2% on the day to $1,204.20 an ounce, after snapping a three-week winning streak on a stronger dollar.
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