Wall Street fails to sustain global rally
Sunday, 16 November 2008
NEW YORK, Nov 15 (AFP): A global stock market rally stumbled on Wall Street Friday as investors woke up to sobering economic data from the United States and Europe and more grim corporate forecasts.
The rally that began in New York Thursday had sparked gains in most global markets amid a sense that stocks had found a "bottom," but a number of analysts remained cautious in the face of the glum data.
The Dow Jones Industrial Average sank 337.94 points (3.82 per cent) to close at 8,497.31, giving back most of Thursday's 552-point surge.
The Nasdaq composite tumbled 5.0 per cent to 1,516.85 and the Standard & Poor's 500 index dropped 4.17 per cent to 873.29.
Trade was volatile again with markets seeing a brief move into positive territory before selling pressures emerged. For the week, the Dow lost nearly 5.0 per cent and the Nasdaq slid almost 8.0 per cent.
In Europe, by contrast, the London FTSE 100 index of leading shares gained 1.53 per cent to close at 4,232.97.
The Paris CAC 40 added 0.67 per cent to finish at 3,291.47, as the French economy reported to have barely escaped recession in the third quarter, while in Frankfurt the DAX rose 1.31 per cent to 4,710.24.
The rally that began in New York Thursday had sparked gains in most global markets amid a sense that stocks had found a "bottom," but a number of analysts remained cautious in the face of the glum data.
The Dow Jones Industrial Average sank 337.94 points (3.82 per cent) to close at 8,497.31, giving back most of Thursday's 552-point surge.
The Nasdaq composite tumbled 5.0 per cent to 1,516.85 and the Standard & Poor's 500 index dropped 4.17 per cent to 873.29.
Trade was volatile again with markets seeing a brief move into positive territory before selling pressures emerged. For the week, the Dow lost nearly 5.0 per cent and the Nasdaq slid almost 8.0 per cent.
In Europe, by contrast, the London FTSE 100 index of leading shares gained 1.53 per cent to close at 4,232.97.
The Paris CAC 40 added 0.67 per cent to finish at 3,291.47, as the French economy reported to have barely escaped recession in the third quarter, while in Frankfurt the DAX rose 1.31 per cent to 4,710.24.