|
|
|
Dow bounces after plunging hundreds of points |
Baja Real Estate & Economy News
 (CNN) -- The Dow Jones bounced Friday after plunging nearly 700 points on the back of world markets which have seen trillions wiped off their value as the financial crisis continues to rock confidence.
The Dow, which fell 679 points, or 7.3 percent, on Thursday to close at its lowest point since May 21, 2003, fell nearly 700 points after the opening bell but, to the cheers of traders, regained a lot of the lost ground after the initial rush.
London's FTSE, the CAC in Paris and the XETRA DAX in Frankfurt, Germany were all down between four and six percent in late trading after initially plunging close to 10 percent.
In London banking shares which had regained some ground following the British government's $87 billion bailout announcement earlier in the week, suffered heavy falls.
Russian government financial officials again indefinitely suspended trading on its stock exchanges -- a move they have taken several times this week to avoid share price plunges and surges.
Russia's lower house of parliament, the Duma, also approved measures worth $86 billion to assist banks hit by the credit freeze.
Elsewhere, Canada and Spain announced plans to spend $21 billion and $41 billion respectively on purchasing assets from banks starved of liquidity.
U.S. President George W. Bush, in a televised address, said the Federal government had a comprehensive plan to solve the crisis. It had cut interest rates and was pumping hundreds of billions of dollars into lending markets.
Bush said the U.S. was working with other countries to battle the crisis.
People who read this article also read these:
Views: 87
|
- Please keep the topic of messages relevant to the subject of the article.
- Personal verbal attacks will be deleted.
- Please don't use comments to plug your web site. Such material will be removed.
- Just ensure to *Refresh* your browser for a new security code to be displayed prior to clicking on the 'Send' button.
- Keep in mind that the above process only applies if you simply entered the wrong security code.
|
|
|
Be first to comment this article
