Dubai Shares Soar Most on Record as Fed Pledge Spurs Global Jump - Bloomberg

Dubai Shares Soar Most on Record as Fed Pledge Spurs Global Jump - Bloomberg:



"Dubai’s stock gauge surged the most on record after the U.S. Federal Reserve pledged to be “patient” with rate increases and oil prices rose.



The DFM General Index (DFMGI) increased 13 percent to close at 3,426.70, the best performance among more than 90 gauges tracked by Bloomberg globally. Abu Dhabi’s ADX General Index jumped 6.7 percent, the most since December 2009.



The Fed said it will be patient when it comes to the timing of rate increases, replacing a pledge to keep borrowing costs near zero for a “considerable time.” The S&P 500 Index rose the most in more than a year yesterday, and Brent crude advanced the most since Dec. 1. Oil climbed 3.3 percent to $63.21 a barrel at 12:35 p.m. in London."



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