in the world’s largest economy. A sharp decline in jobless claims also supported gains.
For the week, Dow Jones has gained 1.9%, whereas S&P 500 gained 1.7%. Other major Asian and European indices gained in the range of 1-5%. the list includes FTSE (3.9%), CAC (3.8%), DAX (5.2%), and Nikkei 225 Index (2.02%).
“Remarkable performance from developed markets is testimony to the fact that global economy is coming out of the rut and growth is accelerating. If economic growth keeps up the pace, expect 2014 performance of emerging markets to be as spectacular as developed economies in 2013,” said HDFC Securities in its research note.
Back home, market breadth was strong with 20 of 30 Sensex companies ending in the green. BHEL (up 4.65%) was the biggest gainer this week. ONGC (2.7%), Hindalco (2.5%), ITC (2.2%) and ICICI Bank (1.9%) completed the list of top five gainers.