US stocks climbed to a 2009 new high on Thursday, as the oil prices surge buoyed energy companies. New York crude oil futures rose more than 3 per cent to a one-year high of US$77.58 a barrel after the government said US gasoline reserves fell sharply last week. The financial and IT stocks retreated over mixed economic data and corporate outlook.
ING Group (NYSE:ING) said that it has reached an agreement to sell its life insurance and wealth management venture in Australia and New Zealand to ANZ Banking Group, its joint venture partner.
US stocks fell overnight in a choppy trade as the Federal Reserve announcement showed that the central bank remained cautious to the economy outlook. The Federal Reserve acknowledged the economy is emerging from recession, but maintained its near-zero interest rate and trillion-plus dollar effort to support the fragile recovery.
After a modest setback on Monday, US shares climbed overnight to a fresh high as investors returned to the market on upbeat outlook on the economy. Meanwhile, positive company earnings reports also helped to lift the market sentiment.
US markets were closed for the Labour Day public holiday, while Europe and Asia markets posted strong gains on Monday.
Wall Street made a third consecutive day gain overnight as some latest economic data shows that the recession is bottoming out. Financials were also buoyed after Insurance giant American International Group said it expects to repay the government.
US stocks opened lower overnight due to the massive drop in Shanghai shares, which also caused a broad selloff in Asia markets. But Wall Street ended the day higher as the energy companies were boosted on hope of an improving demand. The US oil futures rose after the US Department of Energy said US oil inventories plunged unexpectedly.
