US stocks rally as Bank of Japan surprises with negative rates

FXStreet (Mumbai) – The US stock markets rallied on the last day of the month after Bank of Japan surprised markets by moving its benchmark down into the negative territory at -0.10%.

The resulting risk-on was enough to overshadow weak economic growth. The data released today showed the economic growth slowed in the fourth quarter as consumers spent less, business investment dropped, and exports fell.

At the time of writing, the Dow Jones Industrial Average (DJIA) was up 1.3% or 220 points. The S&P 500 was up 1.17% or 22 points. The Nasdaq was up 1% as well. All major DJIA sectors were trading in the green.

Microsoft rose 5% after it reported stronger-than-expected results. Consol Energy rose sharply along with the price of natural gas.

The US stock markets rallied on the last day of the month after Bank of Japan surprised markets by moving its benchmark down into the negative territory at -0.10%.

(Market News Provided by FXstreet)