US mkts rally 2% after G-20 and Geithner comments

The US markets rallied after G-20 and Geithner says will continue stimulus measures. The Dow Jones Industrial Average hit 13-month high and US dollar fell to a 15-month low.

By Varinder Bansal, Research Analyst, CNBC-TV18

The US markets rallied after G-20 and Geithner says will continue stimulus measures. The Dow Jones Industrial Average hit 13-month high and closed up 203.5 points or 2% at 10,227. US dollar fell to a 15-month low.

The S&P 500 has recovered 6.12% in last 6 trading sessions and was 7 points short of 2009 high at 1,100. It closed up 24 points or 2.2% at 1,093. The Nasdaq Composite rose 41.6 points or 2% at 2,154.

Asian markets gained in early trade. Nikkei was up 1.6% and Hang Seng up 1.35%. Straits Times and Kospi were up 1%. Shanghai and Taiwan rose 0.7%. SGX Nifty gained 1%.

European shares hit 2-week closing high on Monday. The CAC was up 2.1%, DAX up 2.4% and FTSE up 1.8%. CBOE VIX ended down 4.3% at 23.15.

Global M&S

Indian ADRs; ICICI Bank was up 8.8%, HDFC Bank up 8.3% and Satyam up 7.25%.

Metal stocks: BHP Billiton was up 5.2%, Rio Tinto up 5.9%, Vedanta up 4.6% and AreclorMittal up 5%.

Mineral companies: Anglo American gained 11.5% and XSTRATA was up 5.8%.

US KBW Bank index surged 3.6%; American Express was up 5%. BoA and Wells Fargo went up 4.8%.

Applied Materials was up 5.2% and Micron Technology up 6% after Wells Fargo raised its 2010 growth projection for chipmakers.

Global News

China's passenger-car sales rose 76% to 946,400 units in October.

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