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Monday 06th of October 2008
April 1, 2008

Wall Street gains in afternoon trade


by Elaine Frei
Wall Street gains in afternoon trade

Wall Street was substantially higher in early afternoon trade. The Dow Jones Industrial Average had added more than 300 points to gain 2.53 percent to 12,573.02 while the Nasdaq Composite was up 2.58 percent to 2,337.96 and S&P 500 was 2.52 percent higher to 1,356.06.

European markets were up on hopes that the worst is over in the subprime mortgage crisis. The pan-European FTSE Eurofirst 300 was up 3.2 percent to 1,302.47. The Dax was 2.84 percent higher to 6,720.33 in Frankfurt while the IBEX added 3.24 percent to 13,699.1 in Madrid and the CAC-40 gained 3.38 percent to 4,866 in Paris. London’s markets also saw gains, with the FTSE 100 up 2.64 percent to 5,852.6 and the FTSE 250 gaining 3.23 percent to 10,336.2.

Equities markets in Tokyo were mixed Tuesday, with the Nikkei 225 adding 1.04 percent to 12,656.42 and the Topix gaining 1.45 percent to 1,230.49 but the Mothers market of small and mid caps dropped 1.36 percent to 612.42. Other Asia-Pacific region equities were mixed. Australian markets were slightly higher, where the Sydney Ordinaries added 0.09 percent to 5,414.5 while the S&P/ASX200 was up 0.1 percent to 5,361.2. The Hang Seng was 1.26 percent higher to 23,137.46 in Hong Kong and the Straits Times Index gained 1.3 percent to 3,046.54 in Singapore. Decliners included South Korea’s Kospi index, which was down 0.1 percent to 1,702.25. In India, the Sensex was 0.11 lower percent to 15,626.62 while Taiwan’s Taiex fell 1.78 percent to 8,419.72 and the Shanghai Composite dropped 4.13 percent to 3,329.16.

Crude oil prices fell below $100 per barrel in early trade in New York but was up slightly in afternoon trade. Metals prices were lower in London and New York, while grains prices were mixed in Chicago.

The US dollar and the pound strengthened in relation to the euro after an new report showed that German retail sales declined in February.

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