Euro bounces back, global stocks up after Greek vote

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2015-01-26T092420Z_1_LYNXMPEB0P0BO_RTROPTP_3_MARKETS-BRITAIN-STOCKS

By Caroline Valetkevitch

The euro rebounded from two days of sharp losses on Monday even after an anti bailout party was victorious in Greek elections, while global stock indexes edged up on confidence in the European Central Bank’s new money printing program.

The electoral results spurred concern over new instability in the euro zone, although the possibility of Greece leaving the bloc was considered remote.

Stocks continued their ECB-driven rally, and energy company share gains helped U.S. stocks to end higher.

The ECB announced a massive bond-buying plan last Thursday meant to buoy the flagging euro zone economy, where inflation has turned negative.

“There was a lot of trepidation in the market going into the Greek election … but by this morning the Syriza win was priced into the market already,” said Robert Francello, head of equity trading for Apex Capital in San Francisco.

MSCI’s global share index .MIWD00000PUS rose 0.2 percent, while an index of European shares .FTEU3 ended up 0.6 percent.

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