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Thursday 20th of November 2008
August 13, 2007

Wall Street gains after recent declines


by Elaine Frei
Wall Street gains after recent declines

In early afternoon trade in New York, equities markets were slightly ahead after last week’s declines. The Dow Jones Industrial Average was up 0.3 percent to 13,278,72, while the Nasdaq Composite had added 0.15 percent to 2,548.6 and the S&P 500 was 0.32 percent higher to 1,458.32. The gains came as the Federal Reserve and other central banks added more cash into their monetary systems in order to calm investor nerves about the credit market.

Most Asia-Pacific equities markets were mostly higher as well. In Taiwan, the Taiex index was up 0.09 percent to 8,938.96. The Hang Seng index in Hong Kong and the Straits Times index in Singapore were both higher as well, by 0.45 percent to 21,891.1 and by 0.64 percent to 3,380.61 respectively. In India, the Sensex added 15,017.21. Australia’s markets saw gains as well, as the Sydney Ordinaries were up 1.04 percent to 6,027.5 and the S&P/ASX200 was 1.27 percent higher to 6,011.6. South Korea’s Kospi index managed a gain of 1.14 percent to 1,849.26, while the Shanghai Composite added 1.49 percent to 4,820.06 in China. Tokyo’s markets were mixed on the session. While the Nikkei 225 gained 0.21 percent to 16,800.05, the Topix index dropped 0.08 percent to 1,632.64. The Mothers market of small and mid-caps was up 0.65 percent to 767.49.

Equities markets were also higher in Europe. The FTSE Eurofirst 300 gained 2.37 percent to 1,514.49. In Frankfurt the Dax was 1.78 percent higher to 7,474.33, while Madrid’s IBEX added 1.92 percent to 14,731.8 and the Paris CAC-40 was up 2.21 percent to 5,569.28. London’s markets also rallied as the FTSE 100 added 2.99 percent to 6,219 and the FTSE 250 gained 2.71 percent to 11,184.8.

Crude oil prices were higher on the session, although by near the close of floor trade in New York, West Texas Intermediate crude was only up by 3 cents per barrel. Metals prices were mixed on the session.

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