Major European blue-chip stock indices open higher
Analysis
Major European stock indices opened higher on Thursday morning, sustaining previous session's upswing, after Federal Reserve Chairman Ben Bernanke's statements on inflation shoved away concerns about aggressive monetary tightening. Shortly after Thursday's opening bell, London's FTSE-100 was trading 0.36% higher at 5,798.90; Frankfurt Xetra DAX showed a gain of 0.40% at 5,561.57 and Paris' CAC-40 was up 0.79% at 4,884.64. U.S. stocks shot up on Wednesday, after Federal Reserve chairman's statements on moderating inflation for the following quarters. The Dow Jones average recorded its second-highest session day for the year, while S&P 500 hovered back into the positive for the year. The Dow Jones industrial average ascended 212.19 points, or 1.96%, to 11,011.42. The Standard & Poor's 500 Index gained 22.95 points, or 1.86%, to 1,259.81, while the tech-centric Nasdaq Composite Index boosted gained 37.49 points, or 1.83%, to 2,080.71. Japan's Nikkei climbed 3.15% on Thursday as investors bought Honda Motor Co. Ltd. and other exporters after comments from the chairman of the U.S. Federal Reserve eased concerns about higher interest rates in the world's largest economy. Tokyo's blue chip index advanced 456.16 points to 14,956.42. U.S. crude oil futures inched up on Thursday after a three-session losing streak, but kept under $ 73 on unexpected boosts in U.S. oil inventories. Front month Nymex light, sweet crude for August delivery was trading up by 29 cents, or 0.40%, at $ 72.95 a barrel in early-Thursday morning electronic commerce, compared to an 88 cent-decline on Wednesday. The dollar dropped on Thursday after Federal Reserve Chairman Ben Bernanke's statements signaled an eventual end to the Fed's campaign of rate rises. The single European currency garnered 1.2605 greenbacks on Thursday morning, moving a further 0.7% away from a three-month low of $ 1.2456. (Econews)
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