STI rises on US rally and little else
Market watchers remain cautious due to the lack of specific reasons for the US markets' best day in nine years
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COMING off two days of losses earlier this week, markets around the world jumped for joy on Thursday at signs of a Santa Claus rally building in the US markets overnight, with the Singapore market all but erasing its losses from the previous session.
The Straits Times Index (STI) registered a 1.5 per cent rise at its open and climbed further to post almost 2 per cent gains at the midday break. However, it retreated over the course of the afternoon, and closed 1.12 per cent or 33.59 points higher at 3,044.74.
Thursday's showing was a near reversal of Wednesday's, when the STI closed down 1.3 per cent to 3,011.15.
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