Robert Pavlik: The Standard Poor s 500 Index SPX climbed 1.6 percent to 2,051.82 during a holiday-shortened week. The Stoxx Europe 600 surged 5.1 percent to the highest since December 2007. Government bonds rallied around the world, and the euro declined to the lowest against the dollar since 2003 for its fifth straight weekly loss, according to Business Week. People are gaining a little bit of confidence, and the ECB announcement added to that, Robert Pavlik, who helps oversee $4.5 billion as chief market strategist at Banyan Partners LLC in New York, said in a phone interview. It s been the main driver of strength this week. In all, people aren t as concerned as they were the last couple weeks and Mario Draghi s embrace of Federal Reserve-style stimulus gave U.S. equities their first weekly gain this year and sent European shares to the best rally since 2011. Investors sent money to industries most sensitive to the economy. Energy and financial shares, which had tumbled the most this year with losses of at least 4.6 percent, rallied more than 1.2 percent. Technology companies, down 2.8 percent heading into the week, rebounded 3.1 percent for the best performance in the S P 500.
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