Banks Lead Asian Stock Rally

Nikkei rises 4.6% to 6-month high
By Jason Farago,  Newser Staff
Posted May 7, 2009 4:01 AM CDT
People with umbrellas walk by an electric market board in downtown Tokyo today.   (AP Photo/Koji Sasahara)
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(Newser) – The Nikkei stock average soared 4.6% today to close at a 6-month high, leading a rally across Asia. Banking stocks led advances as worries about the US financial system abated, with Mitsubishi UFJ jumping more than 15%. Markets in London, Paris and Frankfurt all opened in positive territory and banks performed well. UBS rose 3.2%, and Barclays jumped nearly 5%.