Reuters: US Dollar Report: RPT-GLOBAL MARKETS-Shares jump on Apple results, euro firms

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RPT-GLOBAL MARKETS-Shares jump on Apple results, euro firms Apr 25th 2012, 14:01 Wed Apr 25, 2012 10:01am EDT * Wall Street rises, spurred by Apple's strong results * Euro hits 3-week high of $1.3237 as debt fears ease * U.S. Fed meeting awaited for hints on future policy action By Herbert Lash and Richard Hubbard NEW YORK/LONDON, April 25 (Reuters) - The euro hit a three-week high and global shares jumped on Wednesday, lifted by better-than-expected earnings from tech heavyweight Apple Inc, and signs of improved sentiment in the troubled debt markets of the euro zone. 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 opened higher, with the Nasdaq climbing more than 2.0 percent and the broad S&P 500 index gaining more than 1 percent. Apple rose 10.1 percent to $617.12 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 90.07 points, or 0.69 percent, at 13,091.63. The Standard & Poor's 500 Index was up 16.72 points, or 1.22 percent, at 1,388.69. The Nasdaq Composite Index was up 61.61 points, or 2.08 percent, at 3,023.21. MSCI's world equity index was up 1.1 percent at 326.68. Weaker economic data failed to halt gains in the FTSE Eurofirst index of top European shares, which rose 1.2 percent to 1044.81. 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 was up 0.15 percent at $1.3214, while the U.S. dollar was down against a basket of major trading-partner currencies. The dollar index down 0.2 percent at 79.065. U.S. Treasuries 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 7/32 in price to yield 2.0 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 7 cents to $118.09 a barrel. U.S. light sweet crude oil rose 29 cents to $103.84 per barrel. Link this Share this Digg this Email Reprints

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