Arab Today, arab today us stocks close up over 4 on central banks\ move
Last Updated : GMT 10:17:35
Arab Today, arab today
Arab Today, arab today

US stocks close up over 4% on central banks\' move

Arab Today, arab today

Arab Today, arab today US stocks close up over 4% on central banks\' move

Washington - AFP

US stocks soared by four percent Wednesday after major central banks joined hands to ensure commercial banks would not be undermined by market worries over the eurozone crisis. Sharply higher from the open, an upward flourish in the last hour pushed the Dow Jones Industrial Average\'s gain to 4.2 percent, while the broader S&P 500 surged 4.3 percent and the Nasdaq Composite added 4.2 percent. The Dow ended the day at 12,045.68, up 490.05 points; the S&P was at 1,246.96, up 51.77, and the tech stock-heavy Nasdaq rose 104.83 to 2,620.34. All 30 members of the blue-chip Dow were higher, led by JPMorgan Chase\'s 8.4 percent gain, Caterpillar\'s 8.1 percent and Alcoa\'s 7.6 percent. Ahead of Wall Street\'s open, the central banks of the United States, the eurozone, Britain, Japan, Canada and Switzerland announced a move to ease fears of a collapse of Europe\'s financial system as lenders tightened credit for eurozone banks. The central banks said they would make cheaper US dollars available to commercial banks facing a lack of liquidity, and also made arrangements to lend each other their various currencies if needed. That drove a strong confidence jump in markets on both sides of the Atlantic, with London\'s FTSE 100 up 3.16 percent, the German Dax adding 4.98 percent and Paris\'s CAC 40 gaining 4.22 percent. Helping was a clutch of other generally positive news. China\'s central bank cut its reserve requirement for banks, a move to boost its economy; Canadian growth for the third quarter came in at a strong 3.5 percent rate; and the US delivered better-than-expected data on private sector job creation, pending home sales and business activity in the important Chicago region. And the Federal Reserve\'s periodic Beige Book review, released Wednesday, described the US economy growing at a \"slow to moderate pace,\" a slightly more positive phrasing than the previous report on October 19. The main driver for stocks came from the concerted central bank move. \"It sends a clear message that central banks are going to do what\'s necessary and to the markets that they\'ll respond to the sovereign debt crisis,\" said Michael James of Wedbush Securities. Banks were big beneficiaries in the day -- despite a general downgrade of most global banks by Standard & Poor\'s on Tuesday: besides JPMorgan, Morgan Stanley rocketed 11.1 percent, Goldman Sachs 7.9 percent, Wells Fargo 7.4 percent, Bank of America 7.3 percent and Citigroup 8.9 percent Shares of American Airlines parent AMR, which crashed 84 percent Tuesday after AMR filed for bankruptcy protection, rebounded six cents to 32 cents for a 23.1 percent single-day gain. US bond prices slumped. The yield on the 10-year Treasury rose to 2.07 percent from 2.00 percent on Tuesday, while the 30-year bond yield climbed to 3.06 percent from 2.96 percent. Bond prices and yields move in opposite directions.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us stocks close up over 4 on central banks\ move Arab Today, arab today us stocks close up over 4 on central banks\ move

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today us stocks close up over 4 on central banks\ move Arab Today, arab today us stocks close up over 4 on central banks\ move

 



Arab Today, arab today
Arab Today, arab today Arab tradition glitters in Colombia

GMT 12:59 2017 Thursday ,19 October

Arab tradition glitters in Colombia
Arab Today, arab today Second US judge orders freeze

GMT 08:04 2017 Thursday ,19 October

Second US judge orders freeze
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Tillerson heads to Gulf, downbeat

GMT 09:23 2017 Friday ,20 October

Tillerson heads to Gulf, downbeat
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Actress Shery Adel happy for Egypt’s qualification

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification
Arab Today, arab today Climate-disrupting volcanoes helped topple

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 07:47 2017 Tuesday ,17 October

Hussein Fahmy happy for honoring in festival

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 18:29 2017 Sunday ,03 September

Designer produced new set of ornaments

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:43 2017 Wednesday ,18 October

Fake dentists ply brisk trade

GMT 06:52 2017 Monday ,16 October

Airbus CEO says won't cling to job

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 19:29 2017 Tuesday ,29 August

Yomna: decoration leaved positive effects
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday