YEREVAN, May 22. /ARKA/. U.S. stocks jumped on Monday after last week appeared to be the worst since the beginning of the year, amid reports of Chinese authorities’ plans to support the economy and German minister of finance’s statements on Greece, according to exchanges data.
The Dow Jones Industrial gained 1.09% to 12504.48 points. The high-tech NASDAQ jumped 2.46% to 2847.21 points. Broad market index S&P 500 rose 1.6% to 1315.99 points, RIA Novosti reported.
China’s premier Wen Jiabao said the country must continue to implement effective monetary policy and put more emphasis on supporting economic growth. To do this, the authorities approved a quota of 26 billion dollars for 138 foreign qualified investors willing to buy government bonds.
At the weekend G8 summit the leaders of the participating countries expressed their opinion that Greece should remain in the euro area, saying their objective is to promote growth and job creation in the euro area, and spoke in favor of fiscal consolidation in order to overcome the negative effects of the global economy.
Germany and France agree that they should do “everything necessary” to ensure that Greece remain in the euro area, Bloomberg reported citing German finance minister Wolfgang Scheuble, who met with his French colleague, Pierre Moscovici. Germany will consider all opportunities to strengthen the euro area, he added.
“We needed a growth after the last rollback. China’s statements about being ready to provide incentives for economic growth are encouraging, it is important for the global economy”, Eric Teal from First Citizens Bancshares Inc. was quoted as saying by Bloomberg. -0-
