S&P 500 Rallies to Record After Japan Boosts Stimulus

31/10/2014 23:22 AST

The Standard & Poor’s 500 Index advanced 1.2 percent to 2,017.73 at 4 p.m. in New York, topping its previous all-time closing high of 2,011.36 on Sept. 18. The Dow Jones Industrial Average rallied 193.62 points, or 1.1 percent, to 17,389.04, also an all-time high. The Nasdaq Composite Index surged 1.4 percent to the highest since March 2000.

“The BOJ move is the icing on the cake,” said Patrick Moonen, who helps oversee $241 billion as a senior strategist at ING Investment Management. “Fundamentals are still good. Corporate earnings are better than expected, U.S. macro data came in strong and even the data in the euro zone show signs of stabilization.”

U.S. equities joined a global rally as Japan’s Government Pension Investment Fund said it will put half its holdings in local and foreign stocks, double previous levels, and invest in alternative assets. The Bank of Japan raised its annual target for monetary expansion to 80 trillion yen ($724 billion) from as much as 70 trillion yen. The Topix index soared the most in a year, leading a rally in equities around the world.


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