Stocks gain on Fed news

A+
A
A-

Philippine stocks on Thursday rallied after the influential US Federal Reserve decided to maintain a highly accommodative monetary policy that served to bolster financial markets around the world.

The benchmark Philippine Stock Exchange index gained as much as 4 percent during the session before returning some gains. It rose 2.81

percent, or 177.74 points, to close at 6,511.70.

“The market appears euphoric, which is why we saw this gain,” said Jonathan Ravelas of BDO Unibank Inc.

The rebound was brought on by the Federal Reserve’s announcement the night before that it would not slow down the pace of stimulus measures. This caused Wall Street to rally, with the benchmark Dow Jones Industrial Average gaining close to 1 percent while the S&P 500 increased 1.22 percent.  Miguel R. Camus

Disclaimer: The comments uploaded on this site do not necessarily represent or reflect the views of management and owner of INQUIRER.net. We reserve the right to exclude comments that we deem to be inconsistent with our editorial standards.

  • willbillywilly

    Hephep horay!!! Another Xmas day for me yesterday for less than a months trade. Not bad enjoying 2 xmas for the last 6 months. Waiting for the market to go down big again so I can enjoy my 3rd one for the year.
    Sure is nice to buy when everybody is so neagative & dump stock as if its a plague, then sell when they start getting bullish & chase prices.

To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.

Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:

c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City,Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94

editors' picks

advertisement
advertisement