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Business

Wall Street rallies as European stocks dither

Text by AFP

Latest update : 2008-11-21

Wall Street's main index, the Dow Jones, was up 1,74 % at the opening Friday, followed closely by the Nasdaq, a day after severe losses on the New York Stock Exchange. Meanwhile, European stocks lost most of their morning gains.

US shares swung higher at the opening Friday, staging a modest rebound after two days of vicious selling that pushed the main indexes to multi-year lows.
   
The Dow Jones Industrial Average jumped 131.10 points (1.74 percent) to 7,683.39 in the first exchanges after two sessions in which the blue-chip index lost over 800 points.
   
The Nasdaq composite climbed 25.62 points (1.95 percent) to 1,341.74 and the Standard & Poor's 500 index added 13.72 points (1.82 percent) to 766.16.
   
The market action came after the Dow and Nasdaq fell to their lowest levels since 2003 and the S&P tumbled to an 11-year low amid fears of a deepening global economic crisis, prompting a frenzied rush into US Treasury bonds.
   
"It should be expected that there would be some sort of rebound effort, especially after the panic buying that was seen yesterday in the Treasury market," said Patrick O'Hare at Briefing.com.
   
"We will get through this period. We always do. How long it takes is the great unknown, so there isn't an urgency yet to buy stocks."

Date created : 2008-11-21

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