Markets in the US closed with gains for the second day in a row, adding to positive feelings on the other side of the Atlantic, which came after good news from European markets as well.
Going into the weekend on a highnote signals a strong finish to a week marked by wild swings, as debt and growth levels caused worry in both America and Europe – especially the euro zone.
Kenneth Polcari, Managing Director or ICAP Equities, said: “The market is now focusing on macro data, whether it’s US macro data or global macro data, to find further direction, not only for the US market, but for the global market. The market is also telling you that it needs to see real political stabilisation, not only in Washington, but out of the eurozone, when they deal with the eurozone debt crisis. We’re starting to see a little bit of that out of Europe, we have yet to see it out of the United States.”
In Europe, the FTSE 100, DAX and CAC 40 all rallied, ending the week up by more than three per cent each.
In a move to stabilise markets, France, Italy, Spain and Belgium have banned the short selling of stock in some financial companies. Whether or not the global market has come off the rollercoaster ride remains to be seen.