Major indices in US rise on Summers effect - ZENMoney

In US markets, Major indicies rose after former US Treasury Secretary Lawrence Summers withdrew from consideration to be the next chairman of the Federal Reserve and on signs of progress in reducing tensions in the Middle East, after a Russia-brokered deal on Syria's chemical weapons also helped to support stocks.

On the European front, the British Bench mark rose due to gains in financials, as Lawrence Summers quit the race to head the US Federal Reserve, boosting prospects of a more measured scale-back in stimulus measures. EasyJet Plc and International Consolidated Airlines Group SA climbed as oil prices fell after the US and Russia agreed on a plan to destroy Syrian chemical weapons.

Nikkei opened on a positive note during the morning session, following a holiday after global equities gained as Lawrence Summers withdrew from the race to lead the US Federal Reserve. A weaker dollar against Yen capped the upside in the indicies. However, the indicies trading flat as global markets braced for the outcome of the US Federal Reserve's two-day policy meeting at which it is widely expected to begin withdrawing stimulus.

Source : Equity Bulls

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