04 Oct '11, 9pm

US stocks bounce back on news of EU bank plan: NEW YORK: US stocks bounced back after a dramatic see-saw session...

US stocks bounce back on news of EU bank plan: NEW YORK: US stocks bounced back after a dramatic see-saw session...

NEW YORK: US stocks bounced back after a dramatic see-saw session on Tuesday following a report that EU ministers were looking at possible plans to aid weak banks. Down two percent just 45 minutes before the close, the Dow Jones Industrial Average rocketed in the final minutes to end 153.41 points higher (1.44 percent) at 10,808.71. The broader S&P 500 jumped 24.72 points (2.25 percent) to 1,123.95, while the tech-heavy Nasdaq Composite added 68.99 points (2.95 percent) to 2,404.82. Analysts said markets got the last-hour bump from a Financial Times report that, after a morning when French and Belgian regulators rushed to shore up troubled Dexia bank, European officials were studying plans for helping banks at risk if Greece defaults on its debt. Peter Cardillo of Rockwell Global Capital called it a "furious come back" that may have shown the market was oversold. "This is ...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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