Dee
10-13-2008, 02:34 PM
Money matters boggle my mind but . . .
Global stocks in record surge after Europe action
1 hour, 45 minutes ago
NEW YORK (Reuters) - Global stocks soared in their biggest one-day advance in at least 20 years on Monday while oil prices jumped after European governments took bold steps to restore market confidence and avert a worldwide recession.
U.S. stocks were headed for their biggest percentage gain in a single day since two days after the Black Monday crash of October 1987, and the FTSEurofirst 300 index of top European shares surged by a record 10 percent.
Crude oil jumped along with other commodities and euro zone government debt prices fell as the European rescue packages -- which are designed to shake the global financial crisis out of a deep credit freeze -- took away a flight to safety bid.
Britain, Germany, France, Italy and other European governments pledged hundreds of billions of dollars to boost flagging confidence in the world's creaking financial system.
The U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank also said they would lend commercial banks as much U.S. dollar liquidity as they needed to ease clogged interbank lending rates.
With luck the European measures will help stop investors from framing decisions on an hour-by-hour basis and form longer-term outlooks, said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
(con'd (http://ca.news.yahoo.com/s/reuters/081013/business/cbusiness_us_markets_global))
Global stocks in record surge after Europe action
1 hour, 45 minutes ago
NEW YORK (Reuters) - Global stocks soared in their biggest one-day advance in at least 20 years on Monday while oil prices jumped after European governments took bold steps to restore market confidence and avert a worldwide recession.
U.S. stocks were headed for their biggest percentage gain in a single day since two days after the Black Monday crash of October 1987, and the FTSEurofirst 300 index of top European shares surged by a record 10 percent.
Crude oil jumped along with other commodities and euro zone government debt prices fell as the European rescue packages -- which are designed to shake the global financial crisis out of a deep credit freeze -- took away a flight to safety bid.
Britain, Germany, France, Italy and other European governments pledged hundreds of billions of dollars to boost flagging confidence in the world's creaking financial system.
The U.S. Federal Reserve, the European Central Bank, the Bank of England and the Swiss National Bank also said they would lend commercial banks as much U.S. dollar liquidity as they needed to ease clogged interbank lending rates.
With luck the European measures will help stop investors from framing decisions on an hour-by-hour basis and form longer-term outlooks, said Jack Ablin, chief investment officer at Harris Private Bank in Chicago.
(con'd (http://ca.news.yahoo.com/s/reuters/081013/business/cbusiness_us_markets_global))