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Markets rally on optimistic expectations

02 June 2009 09:40 (UTC +04:00)

Baku- APA-Economics. Wall Street has started June with a big gain, boosted by reports that paint a more upbeat picture of the global economy, AP reported.

In late afternoon trading, the Dow rose 217.60, or 2.6 percent, to 8,717.93. The Standard & Poor’s 500 index rose 23.21, or 2.5 percent, to 942.35. The Nasdaq composite index rose 48.97, or 2.8 percent, to 1,823.30.
Because GM’s bankruptcy filing was so well telegraphed in advance, the move did not faze investors.
The Russell 2000 index of smaller companies rose 16.44, or 3.3 percent, to 518.02.
Overseas, Japan’s Nikkei stock average jumped 1.6 percent, while Hong Kong’s Hang Seng index soared 4.0 percent. In Europe, Britain’s FTSE 100 rose 2 percent, Germany’s DAX index rose 4.1 percent and France’s CAC-40 gained 3.1 percent.
The market’s three-month surge has brought the S&P 500 about 39 percent above the 12-year lows it reached in early March. It’s the fastest rise the market has seen since the 1930s.