Wall Street Up On China Stimulus Hopes As Euro Zone Steadies

Reuters/Brendan McDermid

Reuters – By Chuck Mikolajczak           May 29, 2012

(Reuters) – Stocks rallied on Tuesday, with each of the major indexes up more than 1 percent, on hopes China may unleash more spending measures and Greek election polls pointing to support for pro-bailout parties.

The official Shanghai Securities News reported on Tuesday, citing unidentified sources, that China’s biggest banks appeared to have accelerated lending toward the end of this month as Beijing starts to fast-track its approval of infrastructure investments in an effort to stem sagging growth.

Investors were also encouraged by weekend polls in Greece that showed the conservative New Democracy party, which backs the country’s international bailout, has a lead over the leftist SYRIZA party, which opposes it ahead of a June 17 election. In Ireland, voters appear poised to reluctantly approve the EU fiscal treaty on Thursday.

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