Market update: Wall Street gains for fourth straight day

Source: Henderson Global Investors

US stocks rose for a fourth straight day on Thursday, with the S&P 500 and Dow Jones both rising by 0.4%. Retail stocks led the charge with retail analysts forecasting improved sales for April after mixed results in March. General market sentiment was positive across the board as jobless claims fell substantially more than predicted in the last week, a welcome relief after the dramatically weak March payrolls report last Friday. Meanwhile, Hong Kong shares ended the week sluggishly with the Hang Seng Index down 0.1% and the Shanghai Composite Index down 0.6%.

European markets have had a decidedly poor start with the FTSE Eurofirst 300 down 0.5% and the FTSE 100 down 0.4%. This has come on the back of four successive positive days for the FTSE 100 Index. Recent weakness is principally driven by concern over the untidy bailout of Cyprus and growing German reluctance over eurozone banking reform, two items being discussed at a two-day EU finance ministers meeting beginning today.