Home
Wall Street notches up solid gains
The London News.Net
Thursday 28th August, 2008
Data showing the U.S. economy was bouncing back helped lift stocks on Wall Street Thursday.
Solid buying saw all the major indices leap into the black.
Second quarter GDP growth hit 3.3% in the second quarter, well above expectations of 1.9%.
At the close of trading the Dow Jones Industrials responded by rising 212.67 points or 1.85% to 11,715.18.
The Nasdaq Composite was up 29.18 points or 1.23% at 2,411.64.
The Standard and Poor's 500 added 19.02 points or 1.48% to 1,300.68.
Oil prices fell by as much as $3 a barrel Thursday adding to the positive sentiment.
A boost to the dollar came with the news that exports rose in the second quarter by a hefty 13.2%. Imports declined by 7.6%. While part of the movements could be explained by exchange rate movements, the healthier balance of trade underpinned the GDP data, and demonstrated the effect of the recent strengthening of the dollar.
As a result the U.S. currency was stronger again Thursday. Around the close in New York the dollar was quoted at 1.4690 against the euro.
Its biggest move however was against the British pound which fell to a two-year low. At last call it was fetching 1.8286.
The Japanese yen weakened to 109.58, while the Australian dollar fell to .8605, and the Swiss franc to 1.1000.
The Canadian dollar was off a touch at 1.0522.
 Email this story to a friend
Have your say on this story
|
 |
 |
- Pepe Jeans London sets trend this winter
Mumbai, Nov 21 (ANI/Business Wire India): Pepe Jeans London, a brand synonymous with chic street fashion and casual cool, has announced the launch of its winter wear 2008 collection called- Trend. [read story]
- D/L could have been avoided in Kanpur ODI: Pietersen
London, Nov 21(IANS) England skipper Kevin Pietersen feels that a flexible approach to the third One-Day International could have avoided the match to decided on the Duckworth-Lewis system (D/L). [read story]
- World campaign to save Gulf of Mannar gathers momentum
London, Nov.21 : Ecologists, academics, scientists and religious leaders from around the world will gather in London next week. Their aim will be to prevent the destruction of the Gulf of Mannar, one of the last remaining intact ecosystems on earth and home to the famous Ram Sethu or Adam's Bridge, a site sacred to one billion Hindus worldwide. [read story]
- Jolie's twins' pic deal with People magazine 'guaranteed positive coverage'
London, Nov 21 : When Angelina Jolie and Brad Pitt negotiated with People magazine for photos of their newborn twins, the couple was seeking more than the estimated 14 million pounds they received from the deal, according to reports. [read story]
- 'Citizen Kane' tops French magazine's 'Best 100 Movies' list
London, Nov 21 : 'Citizen Kane', a 1941 American dramatic film and the first feature film directed by Orson Welles, has topped Cahiers du Cinema magazine's list of 'The Best 100 Movies'. [read story]
|
|
 |
 |
|
|
