Global Stocks: Wall Street rebounds, Nikkei at fresh 15-year high
U.S. stocks rebounded on Monday helped by a weaker greenback easing. Now all eyes are on the FED's policy meeting to get a clearer signal on when the bank is planning to hike benchmark interest rates. U.S. economic data reported yesterday was weaker-than-expected. The NAHB housing market index declined to 53 in March from 55 in February. It was the third consecutive decline. The U.S. industrial production increased 0.1% in February, missing expectations for a 0.3% rise, after a 0.3% drop in January. The NY Fed Empire State manufacturing index declined to 6.90 in March from 7.78 in February, missing expectations for a rise to 8.1.
The S&P 500 closed +1.35% with a final quote of 2,081.19 points. The DOW JONES index added +1.29% closing at 17,977.42 points.
Chinese stocks continued to add gains on Tuesday but closed mixed. Hong Kong's Hang Seng is trading lower after a higher opening -0.23% at 23,893.97 points. China's Shanghai Composite closed at 3,503.72 points closing +1.58% - up for a fifth consecutive day reaching the highest level since June 2008. Markets were supported by Premier Li Keqiang comments on Sunday to further stimulate the economy if necessary.
The Nikkei could extend its 15-year closing high on Tuesday. The index closed +0.99% with a final quote of 19,437.00 points lifted by strong gains on Wall Street and Europe. The Bank of Japan held rates steady at 0.10% and the Monetary Base Target at 275 with an 8 to 1 vote and revised its inflation outlook on lower oil prices.
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