Market struggling, but higher

Market struggling, but higher	16.10.2008
US stocks struggled higher in early trade today as sentiment remained cautious despite easing credit market conditions after the worst session in more than 20 years. The Dow Jones Industrial Average wobbled in early action and then rose 52.01 points or 0.61 per cent to 8629.92 in the first 10 minutes after a 733-point drop yesterday. It was the worst one-day point loss for the blue-chip index since last month`s record 777-point decline and the steepest percentage drop since 1987. The broad Standard & poor`s 500 index recovered from a whopping nine per cent plunge and edged up 6.19 points or 0.68 per cent to 914.03. The tech-heavy Nasdaq added 9.23 points or 0.57 per cent to 1,637.56. Wall Street managed to hold on after yesterday`s panic selloff and further declines in world markets including an 11.4 per cent drop in Tokyo. Nathan Topper at Economy.com said there were signs of improvements in the credit markets that could eventually ease the financial turmoil, reflected in so-called credit spreads and the Libor interbank lending rate. "Debt markets are showing signs of better health: Treasury yields are up and Libor is down," he said. "Credit spreads need to narrow to avoid a severe global recession."

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10/16/2008		Bleak news sends Wall Street south
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Wild weather, flooding kills eight in UK

A parked car sits in the street in the aftermath of flooding in Morpeth, north-eastern England / AFP

Wild weather, flooding kills eight in UK 09/08/2008


	01. 2009

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