NEW YORK: Global stocks rose on Thursday after China unexpectedly cut interest rates to shore up growth, but optimism was tempered by Federal Reserve Chairman Ben Bernanke, who disappointed investors looking for further stimulus for the U.S. economy.
Gold tumbled nearly 2 percent as investors unwound bullish bets built on expectations of Fed easing. Bullion was hit particularly hard compared with equities and other commodities, as it has been heavily used by institutional investors to hedge against economic uncertainties.
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