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World stocks at new '09 high, dollar sinks
Published in The Saudi Gazette on 30 - 05 - 2009

World stocks posted a new 2009 high on Friday, hitting levels last seen six months ago, and the dollar sank to a five-month low against major currencies on hopes the global economy has seen the worst of its downturn.
Investors were encouraged by a report showing in May consumer confidence hit its highest in eight months, while the run-up in commodities fueled bets that overseas demand would underpin a recovery in the global economy.
The Dow Jones industrial average gained 96.53 points, or 1.15 percent, to 8,500.33. The Standard & Poor's 500 Index climbed 12.31 points, or 1.36 percent, to 919.14. The Nasdaq Composite Index rose 22.54 points, or 1.29 percent, to 1,774.33.
Since hitting a 12-year low in early March the S&P 500 has risen 35.9 percent. The third straight monthly advance is the index's longest monthly winning streak since fall 2007.
In May the S&P 500 rose 5.3 percent, the Dow gained 4.1 percent and the Nasdaq advanced 3.3 percent. “We're back to the pro-risk theme, as markets continue to anticipate growth to return in the second half of the year,” said Lee Hardman, currency economist at Bank of Tokyo-Mitsubishi UFJ.
MSCI's all-country world stock index was up 1 percent, having hit 245.93, its highest level since late October. The index has gained around 43 percent since a global stock market rally began in March.
Emerging markets stocks were also at year highs.
The pan-European FTSEurofirst 300 was up 1 percent and Japan's Nikkei average closed up 0.75 percent at a more than seven-month high.
The dollar tumbled Friday to its lowest level against the euro this year with the US currency losing its appeal as a safe haven amid increasing signs of economic recovery, traders said.
At 2100 GMT, the European single currency was fetching $1.4153, compared with $1.3943 in New York late Thursday. The euro rose as high as $1.4168, its highest since Dec. 30. The dollar fell to 95.29 yen from 96.77 yen late Thursday.


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