11 Jan 2012

World stock markets rally

1:36 pm on 11 January 2012

Global stocks rallied on Tuesday after a surge in China's copper imports and an optimistic forecast from US aluminum maker Alcoa.

A well-received Greek debt auction and news that ratings agency Fitch is unlikely to downgrade France in 2012 helped support the euro.

US stocks hit a five-month high, led by materials stocks, a pan-European stock index recorded its highest close in a week and Asian shares also rose.

On Wall Street, the Dow Jones industrial average was up 69.78 points (0.56%) at 12,462.47.

The Standard & Poor's 500 Index was up 11.38 points (0.89%) at 1,292.08.

The Nasdaq Composite Index was up 25.94 points (0.97%) at 2,702.50.

The pan-European FTSEurofirst 300 stocks index closed up 1.8 percent at 1,027.23 points.