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Asia stocks up slightly on Fed hopes

6:22 AM, Jun 4, 2013   |    comments
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BANGKOK (AP) - Asian stock markets recovered modestly today after negative economic news out of the U.S. was neutralized by the belief among many investors that the U.S. central bank would maintain its stimulus program to help the economy.

A report that showed U.S. manufacturing activity at its lowest level in nearly four years kept Wall Street afloat, oddly enough, by convincing investors that the Federal Reserve would not scale back on its massive bond-buying effort.

Speculation about the Fed's intentions regarding its program, called quantitative easing or QE, has sent stocks on a rollercoaster ride in recent sessions.

Benchmark crude oil fell to just above $93 per barrel. The dollar gained against the yen and the euro.

 

 

 

 

 

Associated Press

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