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Latin American stocks up on renewed economic hopes

Latin American stocks up on renewed economic hopes

Latin American stocks jumped Tuesday in line with Wall Street following reports that a troubled, major U.S. bank performed well in January and February.
Brazil's main Ibovespa index leaped upward 5.6 percent to close at 38,795, while Mexico's IPC index jumped 3.4 percent to close at 17,544; Colombia's IGBC rose 1.4 percent to 7,775; Chile's IPSA increased 2.9 percent to 2,440; and Argentina's Merval index rose 5.4 percent to 1,004.
Tuesday's gains came after a memo from Citigroup Inc. Chief Executive Vikram Pandit surfaced, indicating that the banking giant enjoyed its best financial performance in more than a year during the first two months of 2009.
Wall Street jumped 379 points, or almost 6 percent _ its largest gain of the year _ on the news.
Locally, investors also shrugged off news that Brazil, Latin America's largest economy, shrank in the fourth quarter of last year compared to the previous quarter. The government pegged the decline at 3.6 percent.


Updated : 2021-01-17 15:01 GMT+08:00