Friday, November 07, 2008

Wall Street Steady Today

After two days that saw the Dow drop over 900 points to below 9000 again, and in spite of poor job data, Wall Street is holding steady today. Stocks seem set to recover some of the heavy losses sustained during the biggest two-day slump since 1987.

European stocks were higher ahead of the open on Wall Street. The FTSE Eurofirst 300 rose 1.2 per cent to 909.21. Asian equity markets were volatile, falling sharply before recovering most losses.

A thaw in the credit markets has helped the market today. The rate at which banks lend to each other, measured by three month dollar Libor, fell to a four year low following a fresh round of global interest rate cuts, fixed at 2.29 per cent.

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