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U.S. stocks fire up in last hour
Karachi News.Net
Tuesday 18th November, 2008
U.S. stocks regained lost territory late in the day Tuesday with all indices finishing in the
Early gains were wiped out after the release of data showing the confidence of homebuilders had declined sharply. Most in the building industry in the United States now predict the deterioration in building in 2008 to continue, and in fact worsen, into 2009. The losses were short-lived however as late in the day bargain-hunters entered the market to buy up stocks.
At the close of trading the Dow Jone industrials were up 151. 17 points or 1.83% at 8,424.75.
The Nasdaq Composite however was only up 1.22 points or 0.08% at 1,483.27.
The Standard and Poor's 500 was up 8.37 points or 0.98% at 859.12 just before the close.
The U.S. dollar was little changed against most currencies, although it gained a touch on the Swiss franc.
Around the New York close the euro was quoted at 1.2628. The Japanese yen traded at 96.90, and the British pound at 1.4949. The Australian dollar was at .6520, while the Swiss franc dipped to 1.2005. The Canadian dollar firmed to 1.2275.
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