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Merkel eases eurozone fears for investors

14th September 2011

German chancellor Angela Merkel has eased fears for investors in comments regarding the commitment of euro member states not to allow Greece to default on its lending.

She made her statement yesterday (September 13th) and the news resulted in a second consecutive day of growth on the S&P 500 and the Dow Jones Industrial Average, rising by 0.9 and 0.4 per cent respectively.

The Nasdaq recorded a much stronger rise, however, growing by 1.5 per cent by the end of trading last night to reach 2,532 - up by 37 points.

Instead of focusing on the ongoing eurozone problems, traders were therefore buoyed by the comments and focused more closely on business fundamentals, with a number of firms reporting strong earnings and this too helped to boost the markets.

CNN Money reported yesterday that the markets opened in an uncertain manner, flicking either side of the breakeven position prior to Ms Merkel's announcement.

Posted by Andrew Henderson
 

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