US Fed stimulus drives global rally; Including NZ
The S&P/NZX 50 Index advanced 89.74 points, or 0.8 percent, to 10,953.85. Within the index, 34 stocks rose, 11 rose, and five were unchanged. Turnover was $150 million.
Asian stock markets followed Wall Street higher as investors found confidence in the Fed's plan to buy corporate bonds in addition to the exchange-traded funds it already is purchasing. Stronger than expected Chinese economic data and an increased lending package from the Bank of Japan added to the upbeat sentiment.
Stephen Innes, chief global market strategist at AxiCorp, said investors were encouraged by the wall of central bank stimulus and had been “relentlessly pressing the buy button.”
Australia’s S&P/ASX 200 Index jumped 4.1 percent, Hong Kong’s Hang Seng rose 3 percent, China’s mainland indices each rose 0.9 percent and Japan’s Topix increased 3.8 percent.
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