NEW YORK: Wall Street has at last recovered from its New Year hangover, with stocks increasing powerfully for a second straight session overnight to all but erase the heavy losses of previous in the week.
The Dow Jones Industrial Average closed 323 points, or 1.8 per cent, higher at 17,908.
The broader S&P 500 raised a similar amount, adding 36 points to 2,062.
Investors were not deterred by a dip of more than 1 per cent in the price of West Texas intermediate crude oil early in the session.
It had recovered by late in the day in any case, to actually end 0.2 per cent higher at $US48.75 a barrel.
Among the factors stoking the market’s optimism were yesterday’s minutes from the Federal Reserve, again indicating the Fed is in no rush to begin lifting US interest rates.
The European Central Bank also added impetus to hopes it will introduce further stimulus for the eurozone economy, through a letter from ECB president Mario Draghi published on the bank’s website.
Major markets in Europe surged, with the Euro Stoxx index closing 3.6 per cent higher.
Mario Draghi gained 2.3 per cent to 6,570, while the German DAX rose 3.4 per cent.
Futures trade also points to a rise for the Australian share market today, though not of the size of the gains on either side of the Atlantic.
The ASX SPI 200 index was 48 points, or 0.9 per cent, higher at 5,385 shortly before 8:00am (AEDT).
The Australian dollar had also risen back above 81 US cents.
At the same time it was buying around 81.1 US cents, 68.8 euro cents, 53.8 British pence and 97.1 Japanese yen.
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