Asian markets rally, NYSE hits 1-year high
- Source: Global Times
- [01:58 October 16 2009]
- Comments
Asian markets rallied Thursday following a surge on Wall Street past 10,000 points that marked a 12-month high, on the back of stronger-than-expected earnings reports.
Investors cheered stronger-than-expected results from computer chip giant Intel and Wall Street bank JP Morgan Chase, that propelled the Dow Jones Industrial Average above 10,000 points Wednesday.
It was the first time the index had been above the key level since October 7, 2008, when global markets were in freefall following the collapse of Lehman Brothers.
"The bulls in the market appear to have the bit between their teeth and are ceaselessly charging forward," said Calyon economist Stuart Bennett.
Struggling banking giant Citigroup topped expectations Thursday, further posting a third-quarter profit of $101 million.
"The US reporting season is – so far – delivering exactly what the world's equity investors wanted," said Ian Williams of Altium Securities.
Optimism about the economic outlook in the Asia-Pacific region grew Thursday after Australia's central bank signaled further interest rate rises were likely to contain inflation as the economy recovers.
