Markets Are Exploding Higher In Asia

asian couple newlyweds red umbrella happy up

Photo: Flickr/Sean Choe

Asia is extending the global market rally.Japan’s Nikkei is up 1.8%.

Korea’s Kospi is up 1.3%.

Australia’s S&P/ASX is up 1.0%.

Stock were already poised to close higher in the U.S. trading session when a series of bank headlines crossed the wires.  It started with JP Morgan announcing a new share buyback and cash dividend plan.  This led to speculation that they knew that they passed their stress tests.  This was followed by a WSJ report that Bank of America had passed its stress test. 

Eventually, the Fed said it would announce the results of its stress test after the market close, two days ahead of schedule.  15 out of 19 banks passed EXCLUDING Citigroup.

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