Wall Street rallies
by Alan Thornhill
US traders shrugged off predictions of recession overnight, Australian time, to stage a strong rally.
The Dow Jones industrial index rose 189.2 points, to close at 12,570.22.
That happened after a new report showed home sales in the US stronger than the market had expected.
Traders were also encouraged by the news that the ratings agency Standard and Poors had confirmed its Triple-A rating for MBIA inc. and the Ambac Financial Group.
This eased earlier fears about the future of troubled bond insurers.
MBIA shares rose by more than 16 per cent on the news, while Ambac shares jumped by more than 10 per cent.
European share markets also gained ground overnight, as financial stocks generally rose.
Asian markets also recorded strong results.
However analysts warned that the volatility seen in recent weeks is likely to continue for some time yet.
They said that the forces, which set off that unrest, are still strong.
1 Comment
Profile
Alan Thornhill is a parliamentary press gallery journalist. Private Briefing is updated daily with Australian personal finance news, analysis, and commentary.The Latest
20th May
The Dow Jones index fell 73.11 points to 12,369.40 (Friday, New York time)
THE MARKETS
| All Ordinaries | 4098.800 | |||||||
| S&P 500 | 1295.22 | |||||||
| Aud To Usd | 0.9844 | |||||||
| Bhp Blt Fpo | 31.460 | |||||||
| Origin Ene Fpo | 12.720 | |||||||
| Wesfarmer Fpo | 29.550 | |||||||
| Qbe Insur. Fpo | 12.460 | |||||||
| Amp Fpo | 3.880 | |||||||
News to Use
- The G8 gamechanger
- G8 goes for growth
- Your super? Some advice and a checklist
- Australian wages finally outstrip prices
- Watchdogs rapped over Trio collapse
- Confidence still “weak” despite good figures
- Increased family payments to start now
- Greece headed for fresh elections
- Job security worries curb spending
- Greece on the edge
- Battling for “the battlers”
- Unemployment surprise – rate drops to 4.9%
- Are we worrying too much?
- The budget’s hidden strategy
- He cooked the books:Abbott
Topics
- Airlines (18)
- Banking (1475)
- Business (1582)
- Communications (35)
- crime (3)
- Disaster (84)
- Economics (1586)
- Environment (76)
- Financial advice (1353)
- Health (55)
- Housing (453)
- Inflation (431)
- Insurance (66)
- Investment (1401)
- Markets (1134)
- Media (108)
- Politics (1479)
- Regulation (679)
- retirement (15)
- Rural australia (87)
- Security (14)
- Social security (157)
- Superannuation (175)
- Tax (247)
- The latest (1)
- Trade (292)
- Uncategorized (278)
Archives
- May 2012
- April 2012
- March 2012
- February 2012
- January 2012
- December 2011
- November 2011
- October 2011
- September 2011
- August 2011
- July 2011
- June 2011
- May 2011
- April 2011
- March 2011
- February 2011
- January 2011
- December 2010
- October 2010
- September 2010
- August 2010
- July 2010
- June 2010
- May 2010
- April 2010
- March 2010
- February 2010
- January 2010
- December 2009
- November 2009
- October 2009
- September 2009
- August 2009
- July 2009
- June 2009
- May 2009
- April 2009
- March 2009
- February 2009
- January 2009
- December 2008
- November 2008
- October 2008
- September 2008
- August 2008
- July 2008
- June 2008
- May 2008
- April 2008
- March 2008
- February 2008
- January 2008
- December 2007
- September 2007
- August 2007
Recent Comments
- How you pushed up home loan rates « Private Briefing – Personal … | My Blog on How you pushed up home loan rates
- Pete on Rudd government had entered “paralysis:” Gillard
- Liam Knuj on The Prime Minister, Julia Gillard’s, New Year’s Message
- Change is for the better,change is where your heart grows stronger on Family Assistance boost
- Harry on The Prime Minister, Julia Gillard’s, New Year’s Message
[...] Wall Street rallies [...]