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| English: Barack Obama delivers a speech at the University of Southern California (Video of the speech) (Photo credit: Wikipedia) |
STOCKS surged to a new all-time high at the close of Thursday’s trades, piercing through the 5,900 barrier for the first time as investors stayed bullish after US President Barack Obama signed legislation formally ending the so-called “fiscal cliff” crisis that would have meant tax hikes and spending cuts feared to spark another recession.
The Philippine Stock Exchange index (PSEi) rallied by 73.06 points or 1.25% to close at 5,934.05, its second all-time high for the year in as many days. The broader all-share index climbed by 36.09 points or 0.97% to 3,762.88.
The PSEi last peaked on Wednesday, the first trading day of the year, when it advanced by 48.26 points or 0.83% to close at 5,860.99 on the back of news that US solons finally green-lighted a bill ending protracted fiscal cliff talks.
“The market [yesterday] ended up by around 73 points, another all-time high, as Asian and US markets went up again [the previous] night. Market sentiment was also positive ahead of expected corporate spending in the first quarter,” said Elizabeth S. Abadillo, analyst at brokerage Angping & Associates Securities, Inc., in a text message yesterday.
http://www.bworldonline.com/content.php?section=StockMarket&title=PSEi-soars-past-5,900&id=63721
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