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US stocks continue on its record breaking streak as its equities and benchmark indexes rose with Russell 2000 reaching its highest figure since April. The boost in the stock is also attributed to the recent ECB stimulus that is uplifting expectations for the upcoming jobs data on Friday.
The Standard & Poor's 500 Index gained 0.7% to close at 1,940.46 at the afternoon session in New York while the Dow Jones Industrial Average rose 0.6% to 16,836.11 with both indexclosing at their all-time highs. The Russell 2000 index acquired 2% to achieve its highest gain since April.
Internet shares such as Twitter Inc. and Amazon.com gained more than 3% after confidence in US equities was declared by David Tepper, hedge fund manager. Other US stocks also rose such as Ciena Corp. with a whopping 18% increase with its earnings surpassing analyst predictions. Sprint Corp. fell 4% after speculations that it will be acquired by T-Mobile US Inc.
A string of saftey measurements were implemented by ECB led by its President Mario Draghi. The rectified policies included reducing the deposit rate to negative 0.1% from its previous 0% rate making it the first central bank to implement negative rates. Benchmark rates were also lowered to 0.15% from its previous figure of 0.25%. In addition to contracted rates, the ECB also opened a 400 billion euro lending channel for banks whose assets are under scrutiny in the hopes the it will get credit flowing to reach parts of the economy that require it.
A previous prediction from a private report on the upcoming employment data on Friday had jobs numbers disappointing analyst figures. The report showed that the US economy had employed fewer jobs than anticipated but the better-than-expected outcome on the ease in monetary policies by ECB have analysts on stand by as to what the definitive figures of the labor market will be on Friday.
