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World stocks rally, bringing Japanese market to 30-year high

February 16, 2021 10:26 am
[Source: The Associated Press]

World shares started the week off with a rally, as Japan’s Nikkei 225 index closed above 30,000 for the first time since August 1990.

European markets closed sharply higher on Monday, following an advance in Asia. Shanghai and Hong Kong were closed for the Lunar New Year. U.S. markets remained closed Monday for Washington’s Birthday.

Optimism that the U.S. government will come through on trillions of dollars of more aid for the economy and encouraging company earnings reports have helped stocks grind higher this month, along with hopes that the coronavirus vaccine rollout will set the stage for stronger economic growth in the second half of this year.

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Democrats have decided to use a legislative process that does not require Republican support to pass the $1.9 trillion package proposed by President Joe Biden.

Germany’s DAX gained 0.4% to 14,109.48 while the CAC40 in Paris rose 1.5% to 5,786.25. Britain’s FTSE 100 surged 2.5% to 6,756.11. U.S. futures also rose, with the contract for the S&P 500 up 0.5%. The future for the Dow industrials rose 0.6%.

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