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Shares rise on renewed optimism | Shares rise on renewed optimism |
(about 4 hours later) | |
Shares worldwide have risen strongly after the latest signs of an economic recovery in the US. | |
Shares on Wall Street continued upwards thanks to better-than-expected industrial production data. | |
The Dow Jones Industrial Average closed up 107.5 points, or 1.1%, at 9,791, which was an 11-month high. It has now risen for eight of the past nine days. | |
The UK's FTSE 100 index also achieved its highest close for almost a year, rising 1.6% to close at 5124.1. | |
US monthly trade deficit figures - which narrowed in May but then widened in June and July - have also been seen by analysts as a signal that the US recession is nearing its end. | |
But there have been warnings that investors should not get too carried away while money is still being pumped into stimulus packages, which flatter the economy. | But there have been warnings that investors should not get too carried away while money is still being pumped into stimulus packages, which flatter the economy. |
"The valuations today are such that I feel that the markets are very much fully valued," said Michala Marcussen at Societe Generale Asset Management. | "The valuations today are such that I feel that the markets are very much fully valued," said Michala Marcussen at Societe Generale Asset Management. |
"The real question is what happens when we pull away the stimulus, which we will at some point." | "The real question is what happens when we pull away the stimulus, which we will at some point." |
The FTSE's rise was mirrored across the rest of Europe. In Paris the Cac 40 was 1.6% higher and Frankfurt's Dax closed up 1.3%. | The FTSE's rise was mirrored across the rest of Europe. In Paris the Cac 40 was 1.6% higher and Frankfurt's Dax closed up 1.3%. |
The main Australian share index had earlier closed up 2.2%, while Hong Kong's Hang Seng added 1.8% and India's Sensex advanced 0.8%. | The main Australian share index had earlier closed up 2.2%, while Hong Kong's Hang Seng added 1.8% and India's Sensex advanced 0.8%. |