World stocks gained more ground after four days of rallying in the US. Asia was up all around, with Japan gaining 1.6%, Hong Kong spiking 3.6% and China adding 1.2%.
The EU was also up solidly, with indices in various countries rising between 1.5% to 2.3%.
WSJ, in its wisdom, draws a connection between the gains and Bernanke’s appearance on 60 Minutes:
Over the weekend, U.S. Fed Chairman Ben Bernanke said in an interview that the U.S. recession will come to an end “probably this year.” However, he also warned that the nation’s 8.1% unemployment rate will continue to rise. Mr. Bernanke said that concerted efforts by the government likely averted a depression similar to the 1930s. He also said the nation’s largest banks are solvent and that he doesn’t expect any of them to fail.
“The fact Wall Street rallied off mid-session lows will doubtless be helping whilst Bernanke’s comments in the media over the weekend suggesting the recession in the U.S. will probably end this year also stands to lift confidence,” said Matt Buckland, a trader at CMC Markets.
Yeah, who knows.
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