Stocks rebound on hopes for massive global stimulus

Stocks in Asia and Europe gained Tuesday after the Federal Reserve promised unlimited supplies of dollars.

Julian Satterthwaite reports.

Asian stock markets found reasons to be positive on Tuesday (March 24).

Japan's Nikkei index closed just over 7% higher - its biggest one-day gain since February 2016.

South Korea's ravaged Kospi index did even better, closing 8.6% up.

That was its biggest daily gain in 12 years.

The rebound was driven by hopes of more massive global stimulus measures.

On Monday (March 23) the U.S. Federal Reserve pledged an unlimited supply of dollars for markets.

Now investors hope the Bank of Japan will do something similar.

South Korea's doubling of existing stimulus measures also helped.

The hopeful mood carried over into the European open.

Major indexes there were all up 3-4% in early trade, with Germany's Dax the strongest performer.

TeamViewer was among the big gainers there, rising as much as 10%.

Some traders see the connectivity firm as a likely beneficiary of the home working trend.

Such gains for European stocks came even as new data showed an economic plunge.

The latest euro zone Purchasing Managers' Index plummeted to a record low 31.4 - way below the 50-point level that signifies economic expansion.

On currency markets the prospect of a flood of dollars saw the U.S. currency ease back from recent highs.