Equity Alert: US mkt ends up 1-2% Thu on bailout plan optimism
MUMBAI--8:10AM--US share indices ended 1-2% higher Thursday,
snapping a
three session losing streak, on news key lawmakers have in principle
agreed on
terms of the $700-bln bank bailout plan after days of heated debate.
Financial shares gained after Senate Banking Committee Chairman
Chris Dodd
said lawmakers had reached a "fundamental agreement" on the principles
of a
rescue plan. Bank of America shares rose 4% and JP Morgan advanced
over 7%.
Optimism about the rescue plan overshadowed bleak economic data.
Reports
showed new home sales fell to a 17-year low, weekly jobless claims hit
a
seven-year high and durable goods orders showed a big drop.
General Electric gained over 4% despite warning that its current
quarter
and full year earnings will not meet forecasts.
.
Index Last level Change %
S&P 500 Index 1209.18 2.0
Dow Jones Industrial Average 11022.06 1.8
Nasdaq Composite Index 2186.57 1.4
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