Trading floors are bustling again with positive energy as Wall Street’s positive streak has given markets all over the world some positive energy. Wall Street surged due to announcement of the US government to prop up the banking sector by eliminating bad bank debts.
While not as high as Wall Street gains, Asian shares climbed after US announcement of their plans. Financial firms in the region ushered in the rally while a sliding Yen helped Japanese exporters. Japan’s Nikkei 225 gained 3.3%. Hong Kong’s Hang Seng rose 3.5% and South Korea’s Kospi gained 1.9%
Elsewhere, markets also shared Asia’s reaction.
The US administration announced their plans to clear up as much as $1 trillion of “toxic debt” that are hampering banks’ capacities to do business. In addition to these plans, housing data revealing an increase in home sales came as a hint to a possible stabilization of the real estate industry that was brought to its knees last year.
Source: ABC News
