European, US recovery hopes shore up markets

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Stock markets pushed higher on Tuesday after new indicators suggested the economy of the 17-country eurozone is past the worst of its recession. (Reuters) Stock markets pushed higher on Tuesday after new indicators suggested the economy of the 17-country eurozone is past the worst of its recession. (Reuters)
SummaryStock markets pushed higher on Tuesday after new indicators suggested the economy of the 17-country eurozone is past the worst of its recession.

Logistics & Purchasing, said its index of service industry activity rose marginally to 56.2 in January from 56.1 in December. The measure of new orders declined, which ``casts doubt on the strength of the recovery in the service sector,'' said Nomura economist Zhiwei Zhang in a report.

In other markets, the euro was flat at $1.3519, losing early gains after French President Francois Hollande said eurozone governments should help control the value of their shared currency.

The dollar rose 1 percent against the Japanese yen, to 93.27.

Elsewhere, the benchmark crude oil contract for March delivery rose 67 cents to $96.84 per barrel in electronic trading on the New York Mercantile Exchange.

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