Digital News Report – Stocks are set for another day of gains Tuesday as markets in Asia and the Europe show signs of recovery after a dismal week. Nearly all of the S&P constituents are higher at the opening of the trading day in New York.
On Tuesday the Nikkei 225 in Japan shot up 2.82% to 8,609.95, the Hang Sang was up more than four percent and the Shanghai composite index hit 2,416.28, up nearly one percent.
The FTSE 100 England is up 3.01% to 5,242.68, the CAC 40 France gained 3.82% to 2,968.70 and the DAX in Germany hit 5,574.86, up 4.29%.
Traders feel the Greek debt issues may be closer to resolution, at least for this round of the bailout package. Analysts are not sure the next tranche will be as easy, especially at the pace of austerity in the Hellenic Republic.
Light sweet crude oil on the NYMEX is up nearly two dollars since the settle Monday. Gold and silver are both higher after sharp declines two days in a row.
The dollar declined versus other major currencies, although the U.S. currency turned around and gained against the euro later.
By: Tim Edwards