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A surprise 25 bps rate cut by ECB and Greece calling off the referendum gives Wall Street its second session of strong gains. Major indices are back into positive territory for the year. European markets too closed higher.
November 04, 2011 / 09:14 IST
Moneycontrol Bureau:
A surprise 25 bps rate cut by ECB and Greece calling off the referendum gave Wall Street its second session of strong gains. Major indices were back into positive territory for the year. European markets too closed higher.At the close, the Dow Jones Industrial Average rose 1.76%, the S&P 500 index gained 1.88%, while the Nasdaq 100 index climbed 2.13%.US economic data:The service sector growth eased to 52.9 in October, its lowest level since July. Meanwhile, weekly jobless claims fell 9,000 to a seasonally adjusted 397,000, the drop below 400,000 for the first time in over a month suggests a slight improvement in the labour market. Productivity rose at a 3.1%, the biggest jump since the first quarter of 2010. And new orders for factory goods gained 0.3% in September.Data to watch out for:Nonfarm payrolls data for October expected today. Consensus estimates indicate it rising to 103,000. Meanwhile, unemployment rate is expected to hold steady at 9.1%.European markets:The European markets ended higher on hopes of a Greek resolution.Greek Prime Minister George Papandreou said that he is not resigning amid calls from the opposition for him to step down. Papandreou said it would be irresponsible to disband the government now and what is needed is a proper process for elections. Papandreou earlier, called off the referendum on Greece
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