This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Deal: Global Stocks Rise as Summers Withdraws

LONDON ( The Deal) -- European and Asian stocks rose Monday as it looked increasingly likely that the new chairman of the Federal Reserve will keep monetary policy looser for longer after former Treasury Secretary Larry Summers withdrew his candidature. Summers' retreat leaves Federal Reserve Vice Chair Janet Yellen, who is perceived to be more dovish than Summers, in pole position for the job.

A weekend deal between U.S. and Russia about how to tackle Syria's chemical weapons was seen as taking the Western world further back from the brink of military action in the civil war-ravaged country.

The Hang Seng closed up 337.13, or 1.47%, at 23,251.41, while the Nikkei edged 17.40 higher at 14,404.67. In Germany, the Dax by late morning was up 100.82, or 1.18%, at 8,610.24. A decisive victory for the right-of-center Christian Social Union in weekend state elections in Bavaria boded well for Chancellor Angela Merkel's allied Christian Democrats in national elections on Sept. 23, even though Merkel's minority coalition partner, the pro-business Free Democrats, performed badly in the southern German state.

In the U.K., the FTSE moved up 61.96, or 0.94%, to 6,645.76. Deputy Prime Minister Nick Clegg dismissed suggestions Britain's housing bubble was in danger of bursting, suggesting the Bank of England has the monetary tools to manage such risks. UK Financial Investments Ltd., the government agency managing state banking holdings acquired during credit crisis bailouts, appointed Credit Suisse Group's U.K. chief James Leigh Pemberton to the position of chairman and CEO, just as the government prepares to start selling part of its 40% stake in Lloyds Banking.

Standard & Poor's futures were up 19.20 at 1,701.20.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $130.28 0.47%
FB $81.53 -1.07%
GOOG $565.06 3.30%
TSLA $218.42 -0.08%
YHOO $44.52 1.89%

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs