U.S. stocks return to winning circle, Dow Jones gains 344 points

[view original post]

NEW YORK, New York – U.S. stock markets made sharp gains Wednesday as companies began the reporting season in style.

“This is going to be probably more important than the typical earnings season,” told CNBC WednesdayScott Ladner, chief investment officer at Horizon Investments. “Earnings haven’t mattered a ton, because it’s been a macro-based market for a few years now, frankly. But we’re moving away from a macro-based world and we’re in a micro-based world, because of the activity of central banks around the world becoming increasingly more hawkish.”

The Nasdaq Composite led the way, surging 272.02 points or 2.03 percent to 13,643.59.

The Dow Jones industrials advanced 344.23 points or 2.03 percent to 13,643.59.

The S&P 500 added 49.14 points or 1.12 percent to 4,446.59.

The U.S. dollar was mixed Wednesday. The euro was little changed at 1.0884 around the New York close. The British pound gained to 1.3109. The Japanese yen was sharply higher at 125.65. The Swiss franc eased a touch to 0.9348.

The Canadian dollar strengthened to 1.2565. The Australian dollar was unchanged at 0.7447. The New Zealand dollar fell to 0.6793.

On overseas equity markets, the CAC 40 in Paris, France added just 0.07 percent. In Germany, the Dax fell 0.34 percent. London’s FTSE 100 gained 0.05 percent.

New Zealand’s S&P/NZX 50 slid 14.17 points or 0.12 percent to 11,875.00 after the Reserve Bank of New Zealand increased the official interest rate benchmark from 1 percent to 1.5 percent, the largest percentage increase in 20 years.

The big mover in Asia was Japan’s Nikkei 225 which jumped 508.51 points or 1.93 percent to 26,843.49.

South Korea’s Kospi Composite rose 48.88 points or 1.83 percent to 2,715.64.

The Australian All Ordinaries added 39.70 points or 0.51 percent to 7,775.20.

China’s Shanghai Composite closed down 26.51 points or 0.82 percent at 3,186.82.

In Hong Kong, the Hang Seng finished ahead 55.24 points or 0.26 percent at 21,374.37.