International Stocks still on the rise
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NEW YORK, March 24 - U.S.-listed shares of overseas companies jumped on Monday following sharp gains in U.S. stocks, with ADRs of Japanese car makers up following strength in the dollar.
NEW YORK, March 24 - U.S.-listed shares of overseas companies jumped on Monday following sharp gains in U.S. stocks, with ADRs of Japanese car makers up following strength in the dollar.
The Bank of New York's index of leading American Depositary Receipts (ADRs) was up 2.6 percent while the 30-share Dow Jones industrial average .DJI was up 1.9 percent.
The dollar rallied across the board, along with stocks, on stronger-than-expected U.S. existing home sales data and J.P. Morgan Chase's (JPM.N: Quote, Profile, Research) higher offer for Bear Stearns Co Inc (BSC.N: Quote, Profile, Research) shares.
Here is where our advise at ADRTRADERS.COM start working. When the US shares rise, Foreign Stocks grow faster.
The current situation of the FED pampering investment bank inyecting money and decreasing the cost for them to get money, it is basically like big daddy giving money to their kids to shop in the mall.
The dollar rose to a session peak against the yen <JPY=> and hit its highest since March 14. That boosted shares of Japanese car makers, which are big exporters to the United States.
Shares of Honda Motor Co (HMC.N: Quote, Profile, Research) were up 6.8 percent at $29.68, while shares of Toyota Motor Corp (TM.N: Quote, Profile, Research) were up 2.6 percent at $105.87 and Nissan Motor Co Ltd (NSANY.O: Quote, Profile, Research) was up 6.5 percent at $17.92.
The Bank of New York's index of leading European ADRs was up 2.3 percent.
The Bank of New York's index of leading Asian ADRs .BKAS was up 3.7 percent. In Asia, shares ended mixed, with Japan's benchmark Nikkei average .N225 ending down 2.48 points at 12,480.09.
Receipts with the Bank of New York's index of leading Latin American ADRs .BKLA were up 2.6 percent. In Latin America, major benchmarks were mostly higher, with Brazil's Bovespa index .BVSP of the Sao Paulo Stock Exchange up 2.21 percent at 60,291.65.
Some of our recommendations in Latin America are driving high. Some of them are in sectors that we will be monitoring very close and that will not be affected by this banking crisis.
Shares of Mexico's cell phone operator America Movil (AMX.N: Quote, Profile, Research) were up 3.6 percent at $61.44.
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