World Shares Rise on Tech Rebound and U.S. Senate Move to End Shutdown
Shares climbed in Europe and Asia, boosted by technology stocks recovering from recent losses. Investor concerns about the rapid rise in AI-related stocks have eased, supporting the market rebound.
U.S. Senate Advances Shutdown Resolution
On Monday, tentative actions by the U.S. Senate to end the federal government shutdown lifted U.S. markets. Late Sunday, the Senate passed a test vote initiating a series of procedural steps toward passing compromise legislation to fund the government. Final approval could take several days if Democrats raise objections.
"The Senate may hold a vote by mid-December on extending expiring health care tax credits, the key sticking point."
Market optimism over the possible end of the longest-ever shutdown helped push the S&P 500 futures up 0.7% and Dow Jones futures by 0.1%.
European Markets Show Solid Gains
- Germany's DAX rose 1.4% to 23,891.71
- Paris CAC 40 increased 0.9% to 8,024.23
- Britain's FTSE 100 added 0.5% to 9,729.77
Asian Markets Rally Led by South Korea
Asia saw strong gains, with South Korea’s Kospi leading the rise, gaining 3% to close at 4,073.24.
"A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea."
Photo by AP: Ahn Young-joon
Author's summary: Global markets rose as technology stocks recovered and the U.S. Senate made progress toward ending the federal shutdown, fueling cautious investor optimism.
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