Marcus Evans Group | Worldwide Headquarters | American Offices | Latin America | European Offices | African / Asian Offices

Dow higher on European rally

The Dow Jones has opened 170 points higher following the rebound in European markets.

The US surge came as it emerged that the ECB spent €14.3bn buying Eurozone government bonds last week. That compares with a record €22bn the previous week, and suggests the ECB is still using the heavy artillery to calm the market turmoil.

The European surge has come on the back of strong gains in oil stocks – with the banks lagging other equities.

Trading volumes are not huge and there are suggestions the rally will not last. JP Morgan Cazenove suggested this morning that many are now seeing a rally as an opportunity to reduce exposure. If there is an opportunity for bears to “sell the rally” today is certainly providing it.

The FTSE 100 is currently up 111 points, 2.2% up. © Guardian News & Media Limited 2011 | Use of this content is subject to our Terms & Conditions | More Feeds