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US close: Record points gain for the Dow
Thu, 20 Nov, 2008
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US close: Record points gain for the Dow
Mon, 13 Oct 2008, 22:19:00
Concerted efforts around the World to solve the credit crisis convinced some it will work with the Dow posting its biggest ever daily points gain.<br /><br />Dow Jones added 936 points to close up over 11% at 9,387. Nasdaq gained 194 at 1,844 whilr the S&P 500 rose 104 to 1,003.<br /><br />The positive mood was set early when the interim Assistant Secretary for Financial Stability, Neel Kashkari, confirmed the US Treasury is contemplating a UK-style capital injection for US banks through the purchase of equity.<br /><br />The Treasury's equity purchase programme will be voluntary, with terms attractive enough to encourage banks with healthy balance sheets to take advantage of it, Kashkari said.<br /><br /><b>Morgan Stanley</b> was the day's biggest gainer, as it agreed terms with Japanese financial institution Mitsubishi UFJ Financial about a $9bn share sale.<br /><br />Oil and gas stocks are also wanted, as the threat recedes of a slump in demand as a result of a global recession. <b>Consol Energy</b>, <b>Cabot Oil & Gas</b> and <b>Peabody Energy</b> were among those in the sector registering double-digit percentage gains while the sector heavyweights <b>Exxon</b> and <b>Chevron</b> rose by around 5% - 6%.Oil rose $3 per barrel to close just above $81 per barrel.<br /><br /><b>Chesapeake Energy</b> rises sharply after it emerged that recent heavy selling by its CEO, Aubrey McClendon, was forced on McClendon by the need to meet margin calls.<br /><br />Motor manufacturing giants <b>Ford Motors</b> and <b>General Motors</b> also bounced back strongly after last week's heavy losses, which were caused by fears that both could go bust. Speculation is rife that the heavy hitters in the US automobile industry are discussing mergers; Ford, meanwhile, is said to be contemplating selling its majority stake in Japanese car maker Mazda.<br /><br /><b>S&P 500 - Risers</b><br />Morgan Stanley (MS) $14.76 +52.48%<br />Xl Capital Ltd. (XL) $7.13 +31.31%<br />Unitedhealth Group (UNH) $21.45 +29.69%<br />Genworth Financial (GNW) $4.50 +28.57%<br />General Motors (GM) $6.23 +27.40%<br />Ford Motor Co (F) $2.51 +26.13%<br /><br /><b>S&P 500 - Fallers</b><br />Equity Residental (EQR) $37.38 -8.83%<br />Cb Richard Ellis Group (CBG) $8.57 -7.35%<br />Vornado Realty Trust (VNO) $73.06 -6.61%<br />Dillard'S Inc. (DDS) $9.43 -5.70%<br /><b><br />Dow Jones I.A - Risers</b><br />General Motors (GM) $6.23 +27.40%<br />Microsoft Corp. (MSFT) $25.39 +18.09%<br />Alcoa Inc. (AA) $12.87 +14.40%<br />Intel Corp. (INTC) $16.83 +10.80%<br />Procter Gamble Co (PG) $62.04 +10.18%<br />United Tech (UTX) $51.58 +8.29%<br /><b><br />Dow Jones I.A - Fallers</b><br />Jp Morgan Chase Co (JPM) $40.79 -2.04%<br />Gen Electric Co (GE) $21.31 -0.88%<br /><br />
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