Foreign Markets
In Europe, markets gained even though the euro zone economy contracted by a record 1.5 % in the fourth quarter of 2008. German output fell 2.1 %, the most since the country’s reunification in 1990, while France saw a 1.2 % decline. Germany’s DAX gained 1.7 % to 4,480.23, Britain’s FTSE 100 added 1.5 % to 4,236.07, and France’s CAC 40 surged 2.1 % to 3,027.86.
Stocks in Asia also advanced Friday. Japan’s Nikkei 225 stock average climbed 1 % to 7,779.40, and Hong Kong’s Hang Seng rose 2.5 % to 13,554.67. The Shanghai Composite Index was up 3.2 % and has gained more than 20 % since Nov. 28 as the government rolled out their own $586 billion stimulus package.
