US stocks climb as Spain concerns soften

<p>US stocks climb as concerns about Spain’s finances ease.</p>

US stocks opened higher today (October 2nd) as concerns about Spain's financial woes softened.

A Reuters report revealed that Spain is preparing to request a eurozone bailout as early as next weekend, raising confidence that the country's uncertainty surrounding its rescue funding will finally come to an end and the debt-addled nation can begin to recover.

Paul Mendelsohn, chief investment strategist at Vermont firm Windham Financial Services, was quoted by Bloomberg as saying: "I think the market feels that we are closer to some type of action and resolution in terms of the Spanish problem."

If Madrid were to pursue a bailout, it would trigger mass bond-buying by the European Central Bank and would help ease US investor fears about the single currency region's money problems impacting on the US and global economy.

At 16:50 BST, the Dow Jones was marginally lower by 0.2 per cent to an index value of 13485.0 points, while its neighbour the Nasdaq rose by 0.2 per cent to 3122.6 points.

Learn all about CFD trading strategies and the Dow Jones at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.