Reuters: US Dollar Report: GLOBAL MARKETS-Shares jump on Apple results; euro trades flat

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GLOBAL MARKETS-Shares jump on Apple results; euro trades flat Apr 25th 2012, 14:50 Wed Apr 25, 2012 10:50am EDT * Wall Street rises, spurred by Apple's strong results * Euro hits 3-week high as debt fears ease, then pares gains * U.S. Fed meeting awaited for hints on future policy action By Herbert Lash NEW YORK, April 25 (Reuters) - Global shares jumped on Wednesday, lifted by better-than-expected earnings from tech heavyweight Apple Inc and signs of improved sentiment in troubled euro zone debt markets. The dollar eased to three-week lows against a range of currencies before a key statement on U.S. monetary policy later in the day by the Federal Reserve. Markets expect the U.S. central bank to restate its intention to keep benchmark interest rates near zero throughout 2014 and possibly hint at more easing at its latest meeting. U.S. equity markets rose, with the Nasdaq climbing more than 2.0 percent and the broad S&P 500 index gaining more than 1 percent. Apple rose 9 percent to $610.70 after reporting quarterly profit that almost doubled on strong iPhone sales. Apple's forecast-beating results removed a weeks-old market overhang and lifted optimism in a corporate earnings season that is already far outstripping expectations. "It has been a long time since I've seen one earnings report be so meaningful for the market," said Rick Meckler, president of hedge fund LibertyView Capital Management in Jersey City, New Jersey, of Apple's earnings. The Dow Jones industrial average was up 88.82 points, or 0.68 percent, at 13,090.38. The Standard & Poor's 500 Index was up 16.08 points, or 1.17 percent, at 1,388.05. The Nasdaq Composite Index was up 64.20 points, or 2.17 percent, at 3,025.80. Investors shrugged off a Commerce Department report that showed durable goods orders for March fell 4.2 percent, the biggest decline in three years and the latest of recent signs of softness in U.S. economic data. "This adds to the evidence that momentum in the economy sort of fell flat in March," said Ellen Zentner, senior U.S. economist at Nomura Securities in New York. However, non-defense capital goods shipments excluding aircraft, which is used to calculate gross domestic product, was much stronger than expected in March, Zentner said. The 2.6 percent increase is "likely to lift estimates, believe it or not, for first-quarter GDP," she said. "But ... this report implies a fairly weak outlook for business investment." MSCI's world equity index rose 0.8 percent at 325.84. Weaker economic data also failed to halt gains in the FTSE Eurofirst index of top European shares, which rose 1 percent to 1042.38. New data showing Britain's $2.4 trillion economy had slipped back into recession served as a reminder of the wider impact of the euro zone crisis. The euro faltered, paring earlier gains. The euro was down 0.02 percent at $1.3191. The U.S. dollar also traded flat against a basket of major trading-partner currencies, with the dollar index at 79.224. U.S. Treasury debt prices fell as investors reduced their bond exposure ahead of a $35 billion auction of new five-year supply and to hedge against any surprises from the Fed. The benchmark 10-year U.S. Treasury note was down 6/32 in price to yield 2.00 percent. Brent crude oil wavered on news that Iran may halt its nuclear program expansion in order to avert EU sanctions, eroding some of the risk premium. Brent was down 45 cents to $117.71 a barrel. U.S. light sweet crude oil was off 23 cents to $103.32 per barrel. Link this Share this Digg this Email Reprints

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