LONDON: World stock markets leapt yesterday as investors cheered news of stepped-up government action to snuff out the global finance crisis and a better-than-expected US economic report.
Following solid gains in Asia and Europe, Wall Street opened higher, with the Dow Jones up 1.01 percent at 8,942.06 at mid-day and the tech-heavy Nasdaq 0.91 percent in positive territory at 1,726.81.
The robust start in New York powered a late-session spurt in Europe, with the London FTSE 100 index surging 5.41 percent to close at 4,282.67. In Paris the CAC-40 jumped 3.56 percent to end the day at 3,448.51 while in Frankfurt the DAX added 1.12 percent to finish at 4,835.01. Nordic markets likewise registered major advances, with Oslo adding 7.92 percent and Stockholm 4.64 percent.
In Asia, Tokyo closed up 3.59 percent, Hong Kong surged 5.3 percent, Seoul gained 2.3 percent, while Shanghai won 2.25 percent despite news that China’s economic growth had slowed in the third quarter.
Meanwhile, oil jumped 5 percent yesterday on expectations OPEC will cut output this week to prop up prices hard hit by slumping demand and the mounting financial crisis.
US crude rose $3.62 at $75.47 a barrel by 1:43 p.m. EDT (1743 GMT), while London Brent crude traded up $3.42 to $73.02 a barrel.
