Global stocks rebound gathers momentum
Friday, 24 August 2007
NEW YORK, Aug 23 (AFP): A recovery gathered steam yesterday in ailing global stock markets amid fresh corporate deal news and rising investor hopes for a US Federal Reserve rate cut to get credit markets moving.
Wall Street shares jumped over one per cent on the heels of strong gains in Europe as investors put aside skittishness about a credit squeeze stemming from the slide in the US property market.
The Dow Jones Industrial Average ended up a strong 1.11 per cent at 13,236.13 while the tech-rich Nasdaq composite jumped 1.25 per cent to finish at 2,552.80.
The broad-market Standard & Poor's 500 index gained 1.17 per cent to 1,464.06.
"It was a broad rally on Wall Street. Stocks got a boost from merger news and expectations the Fed will lower interest rates when it meets in September," said Al Goldman, a chief market strategist at AG Edwards.
The markets got a boost after media reports said online brokers TD Ameritrade and E-Trade Financial Group were in merger talks.
Wall Street shares jumped over one per cent on the heels of strong gains in Europe as investors put aside skittishness about a credit squeeze stemming from the slide in the US property market.
The Dow Jones Industrial Average ended up a strong 1.11 per cent at 13,236.13 while the tech-rich Nasdaq composite jumped 1.25 per cent to finish at 2,552.80.
The broad-market Standard & Poor's 500 index gained 1.17 per cent to 1,464.06.
"It was a broad rally on Wall Street. Stocks got a boost from merger news and expectations the Fed will lower interest rates when it meets in September," said Al Goldman, a chief market strategist at AG Edwards.
The markets got a boost after media reports said online brokers TD Ameritrade and E-Trade Financial Group were in merger talks.