18 Jan 2012

US, European markets rise

10:57 am on 18 January 2012

Stocks on Wall Street rose on Tuesday as brighter sentiment about China's growth prospects overshadowed Europe's recent credit downgrades and a mixed bag of big bank earnings.

The Dow Jones Industrial Average pulled back closed up 60.16 points (0.48%) at 12,482.22.

The Nasdaq Composite rose 17.41 points (0.64%) to 2,728.08.

US stocks followed their counterparts in Europe, where London's FTSE rose 0.7%, Germany's DAX was up 1.8% and France's CAC40 rose 1.4%.

At 8.30am on Wednesday the New Zealaland dollar was trading at US80.03 cents, 77.05 Australian, 52.13 pence, 61.47 yen and 0.6281 euro. The TWI stood at 71.47.