US markets surge on talk of bigger bailout fund in Europe

25 Oct 2011 Evaluate

The US markets closed higher on reports of improving earnings, an improvement in China manufacturing data and optimism that European leaders will succeed in halting the spread of the region’s debt crisis. European leaders held their 13th crisis summit in 21 months, debating how to cut Greece’s debt burden, boost the firepower of the region’s bailout fund and bolster banks ahead of another meeting on October 26. The sentiments further turned positive after reports showed China’s manufacturing may grow in October for the first time in four months and Japanese exports rose more than expected last month.

In US, the Federal Housing Finance Agency stated that it will eliminate fees and relieve banks of certain risks as part of a plan to help homeowners refinance their mortgages. Also, Federal Reserve Bank of New York President William C. Dudley stated that the central bank wants to keep mortgage interest rates from rising too much and may do more to hold down borrowing costs. In the earnings news, Caterpillar third quarter net profit surged beating forecasts.

European leaders promised resolution to debt crisis but also conceded that help from Asia and other regions may be needed to bolster its rescue fund. German Chancellor Angela Merkel will seek backing from lawmakers to bolster the euro bailout fund. Leveraging the rescue fund to more than 1 trillion euros ($1.4 trillion) and how far to cut Greece’s debt load emerged as two main hurdles in the way of a deal to stop the debt crisis at the October 26 summit.

The Dow Jones industrial average gained 104.83 points, or 0.89 percent, to 11,913.60. The Standard and Poor’s 500 closed higher by 15.94 points, or 1.29 percent, to 1,254.19, while the Nasdaq composite gained 61.98 points, or 2.35 percent, to 2,699.44.

The Indian ADRs closed in green on Monday, Infosys Technologies was up by 2.07%, Tata Motors was up by 0.69%, HDFC Bank was up by 0.68%, ICICI Bank was up by 0.49% and Dr. Reddy’s Lab was up by 0.29%.

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