Wall Street breaks slump in frenzied day for global markets
22 Nov 2008 9:58 AMWall Street has staged a stunning late rebound Friday in another tumultuous day for global markets that saw heavy losses in Europe amid growing concerns over a grim global economic outlook.
US markets had been wobbling after two days of brutal selling that erased some 10 per cent from the main indexes .. but got a late boost from reports that president-elect BARACK OBAMA had chosen New York Fed chief TIMOTHY GEITHNER to be his Treasury secretary.
The Dow Jones Industrial Average vaulted 6.54 per cent to close at 8,046.42, ending the week on a positive note.
The Nasdaq composite climbed 5.18 per cent to 1,384.35 and the Standard & Poor's 500 index jumped 6.32 per cent to 800.03.
In Europe .. the London FTSE 100 index of leading shares fell 2.43 per centto 3,780.96 .. its lowest closing level since April 3 .. 2003 .. capping an overall fall of 10.68 per cent for the week.
In Paris .. the CAC 40 plunged 3.33 per cent to 2,881.26 and in Frankfurt the DAX shed 2.20 per cent to 4,127.41.
AAP RTV jfmka=0A