Stocks Track Europe Markets
May 02, 2011
The IBEX-35 index of the 35 most liquid stocks on the Madrid Stock Exchange rose 9.97 points to 4022.23, and the Madrid General Index inched up 0.77 point to 354.03. Spanish shares traded nearly flat for most of the session until a stronger opening in the U.S. stock market sparked buying toward the close, traders said. Investors were on hold ahead of the U.S. Federal Reserve's Federal Open Market Committee meeting, awaiting indications on U.S. interest rates, traders said. Among specific shares, Iberdrola rose 20 pesetas to 1,130 on volume of 2.7 million shares on a technical correction, after dipping to its support level of 1,100 pesetas Monday. For Wednesday, traders expect Spanish stocks to remain linked to the performance in Spanish bonds and other European equities markets, with news from the FOMC meeting also likely to impact trading.
