Money World economy
US stocks rebounded sharply Thursday from the previous day's slump as positive economic news in Asia helped ease fears about the strength of the global recovery.
The Dow Jones Industrial Average vaulted 214.33 points (2.17%) to 10 113.43 in opening trades. The tech-rich Nasdaq index climbed 38.21 points (1.77%) to 2 197.06 and the broad-market S&P 500 index advanced 23.08 points (2.19%) to 1 078.77.
"The bulls are finding some energy from a plethora of stronger-than-expected economic reports out of Asia, which is helping overshadow a smaller-than-expected decline in US weekly initial jobless claims," Charles Schwab & Co. analysts said in a note to clients.
China said its trade surplus soared in May on strong foreign demand for Chinese-made clothes and electronics as exports leaped 48.5% from a year ago.
In Japan, the government reported the world's second-biggest economy grew 5.0% in the first quarter, faster than an initial estimate of 4.9%.
The euro surged above $1.21, reflecting a return in risk appetite in the market.
The positive economic news in Asia contrasted with a weaker-than-expected government report on the ailing US labour market.
