U.S. stocks soar as China shows confidence in Europe

08:39, May 28, 2010      

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Wall Street soared on Thursday, with the Dow surging nearly 300 points and broader indexes rallying more than 5 percent, as market sentiment found a boost after China denied the rumor that it was reconsidering holdings of euro-zone bonds.

The Dow Jones industrial average rallied 284.54, or 2.85 percent, to 10,258.99. Financials continued to lead the gains in the blue-chips, with American Express jumping 5.66 percent, the most in all 30 composites. The Standard &Poor's 500 index spiked 35.11, or 3.29 percent, to 1,103.06 and the tech-heavy Nasdaq surged 81.80, or 3.73 percent, to 2,277.68, tuning positive for the year of 2010.

U.S. market opened sharply higher on Thursday and also successfully held the gains to the very end of the session after China expressed confidence in Europe.

The China State Administration of Foreign Exchange, the agency which manages the nation's reserves, said on its website that the reports that it is considering selling some of it holdings of euro- zone government bonds were "groundless."

Such report in the Financial Times unsettled investors in the final hour of trading in the previous session, triggering a severe sell-off as investors worried that European debt crisis could worsen if China moved away from Euro-zone bonds.

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