Dow Jones stacks on 418 points as Wall Street marches higher

NEW YORK, New York – U.S. stocks closed solidly higher on Thursday with all the major indices increasing by more than one percent.

“What you’re seeing today simply as a spillover effect from yesterday,” Phil Blancato, CEO of Ladenburg Thalmann Asset Management in New York told Reuters Thursday.

“There’s a potential resolution for the conflict overseas, the positive effects of the Federal Reserve and stocks at a very fair entry point, providing an opportunity to add risk,” he said.

The Dow Jones Industrial Average advanced 417.66 points, or 1.23%, to 34,480.76.

The Standard and Poor’s 500 rose 53.81 points, or 1.23%, to 4,411.67.

The tech-laden Nasdaq Composite gained 178.23 points, or 1.33%, to 13,614.78.

The U.S. dollar was sold off across the board following the Federal Reserve’s quarter percentage point increase in official interest rates announced on Wednesday.

The Canadian dollar rose half-a-cent to 1.2625. The Australian dollar rebounded to 0.7374. The New Zealand dollar rose to 0.6882.

The euro trekked up to 1.1093 by the New York close and was being solid bid. The British pound was steady but strong at 1.3150. The Japanese yen edged up to 118.60. The Swiss franc was sharply higher at 0.9371.

On overseas equity markets, the CAC 40 in Paris, France climbed 9.36 percent. In London, the FTSE 100 gained 1.28 percent. The Dax in Germany, going against the trend, retreated 0.36 percent.

On Asian markets, the Hang Seng in Hong Kong finished with a whopping 1,413.73 points, or 7.04 percent gain, at 21,501.23.

Tokyo’s Nikkei 225 jumped 890.88 points or 3.46 percent to 26,652.89.

The Australian All Ordinaries rose 85.80 points or 1.15 percent to 7,521.60.

In New Zealand, the S&P/NZX 50 climbed 124.85 points or 1.05 percent to 11,998.96.

In Seoul, South Korea, the Kospi Composite firmed 35.28 points or 1.33 percent to 2,694.51.

China’s Shanghai Composite added 44.23 points or 1.40 percent to 3,215.04.

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