Summary of Overnight News:
The FTSE-100 will open sharply higher this morning following last night’s strong gains in New York, as dovish comments by Fed chairman Ben Bernanke and sliding oil prices allowed investors to put the crisis in the Middle East to one side and put a bit of blue on our screens to match the skies outside.
US stocks surged higher on Wall Street last night after Federal Reserve Chairman Ben Bernanke reassured the market with his view that economic growth seems to be moderating and inflation remains contained, traders noted.
‘Clearly we don’t want to tighten too much to cause our economy to grow more slowly than its potential,’ Bernanke said during questioning before the Senate Banking Committee.
Investors interpreted Bernanke’s testimony as a sign the Fed is close to ending its streak of interest rate hikes, dealers added.
The DJIA closed 212.19 points higher at 11,011.42, its best performance of 2006, while the Nasdaq ended up 37.49 points at 2,080.71.
USA
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13:30 US jobless claims (w/e 15/7) k Prev 332
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