A repeat performance?  (02-04-2008)

Wall Street exuberantly gained across the board with the Dow soaring to close 391 points higher, as investors, heartened by perceived indications that the worst in the credit crisis is now past, got our of commodities and bought shares. Broader indicators also rose sharply. 

Markets in the Asia Pacific region shared the enthusiasm and optimism. Financial stocks led gains as investor confidence returned resulting in shares of Mizuho surging over 10% and Mitsubishi UFJ Financial Group gaining over 9%. In Sydney, Macquarie Group stock rallied 9.9% and National Australia Bank added 4.7%. 

Gold plunged below $900 per ounce and oil hovers around the $100 level, while the dollar. 

In Europe, stock markets also gained with financials posting strong gains, which extended in early afternoon after the release of the ADP report, which shows that jobs rose in the private sector by 8,000 whereas analysts had expected a decline of 48,000. 

In the U.S., futures that had been pointing sideways until the ADP release, were galvanized into action and turned upwards

Source ISFM