NEW YORK, New York – U.S. and global stocks surged on Wednesday, for no accountable reason.
“By a number of measures, valuations are quite extended, making this rally something of a leap of faith,” David Joy, chief market strategist at Ameriprise Financial told the Reuters Thomson news agency on Wednesday. “I would not argue with anyone wishing to bank some of their profits,” he added.
The Dow Jones index expanded by 275.08 points or 0.94% to close Wednesday at 29,551.42.
The Standard and Poor’s 500 appreciated 21.70 points or 0.65% to 3,379.45.
The Nasdaq Composite added 87.02 points or 0.90% to 9,725.96.
The euro tumbled on FX markets, sliding to 1.0871. The British pound was little changed at 1.2959. The Japanese yen sank to 110.08. The Swiss franc eased to 0.9780/
The Canadian dollar was a tad stronger at 1.3259, as was the Australian dollar at 0.6735. The New Zealand dollar added to earlier gains, to close out the day strongly, around 0.6465.
In Europe, the German Dax rose 0.89%. The Paris-based CAC 40 fell 0.23$.
In London, the FTSE 100 climbed 0.65%.
On Asian markets Wednesday, the Nikkei 225, in Japan, rose 175.23 points or 0.74% to 23,861.21.
The Australian All Ordinaries gained 33.90 points or 0.47% to 7,185.30.
In Hong Kong, the Hang Seng added 239.78 points or 0.87% to 27,823.66.
China’s Shanghai Composite advanced 25.22 points or 0.87% to 2,926.90.