Wall St soars after Fed's discount rate cut
U.S. stocks surged on Friday to end a turbulent week after the Federal Reserve cut the discount rate it charges banks in an emergency move to stabilise credit markets and keep the economy on track.
The Dow Jones industrial average jumped 233.30 points, or 1.82 per cent, to 13,079.08 - snapping a six-day streak of losses. The Standard & Poor's 500 Index shot up 34.67 points, or 2.46 per cent, to 1,445.94. The Nasdaq Composite Index soared 53.96 poin ts, or 2.20 per cent, to 2,505.03. But it was still down 1.6 per cent for the week. The S&P 500 slipped 0.5 per cent for the week, while the Dow's weekly loss was 1.2 per cent.
For the year, the Dow is still up 4.9 per cent, while the S&P is up nearly 2 per cent and the Nasdaq is up 3.7 per cent.
Trading was heavy on the NYSE, with about 2.48 billion shares changing hands, above last year's estimated daily average of 1.84 billion, while on Nasdaq, about 2.58 billion shares traded, also surging ahead of last year's daily average of 2.02 billion. A dvancing stocks outnumbered declining ones by a ratio of about 7 to 1 on the NYSE and by slightly more than 2 to 1 on the Nasdaq.
Saturday, August 18, 2007
Friday, August 17, 2007
Inflation falls to 4.05 per cent
Inflation declined to 4.05 per cent for the week ended August 4 as compared to 4.45 per cent in the previous week due to lower prices of fruits, vegetable, poultry chicken, moong and some manufactured items.
The wholesale prices-based inflation stood at 5.08 per cent in the corresponding week a year ago. During the week, prices of fruits, vegetables and poultry chicken declined by five per cent each, while those of moong and fish-marine fell by one per cent .
However, prices of aviation turbine fuels inched up by four per cent while tea, arhar and milk moved up. In manufactured products, imported edible oil, methanol, basic pig iron, foundry pig iron and bakery products got cheaper
Inflation declined to 4.05 per cent for the week ended August 4 as compared to 4.45 per cent in the previous week due to lower prices of fruits, vegetable, poultry chicken, moong and some manufactured items.
The wholesale prices-based inflation stood at 5.08 per cent in the corresponding week a year ago. During the week, prices of fruits, vegetables and poultry chicken declined by five per cent each, while those of moong and fish-marine fell by one per cent .
However, prices of aviation turbine fuels inched up by four per cent while tea, arhar and milk moved up. In manufactured products, imported edible oil, methanol, basic pig iron, foundry pig iron and bakery products got cheaper
Rupee falls to lowest in nearly four months
The rupee fell 0.6 per cent at the open on Friday to its lowest level in nearly four months, as investors cut exposure to risky assets amid lingering fears of a global credit squeeze. At 9:01 a.m., the partially convertible rupee was at 41.60 per dollar - its lowest level since late April, and compared with 41.36/37 at Thursday's close when it fell 1.5 per cent.
The rupee fell 0.6 per cent at the open on Friday to its lowest level in nearly four months, as investors cut exposure to risky assets amid lingering fears of a global credit squeeze. At 9:01 a.m., the partially convertible rupee was at 41.60 per dollar - its lowest level since late April, and compared with 41.36/37 at Thursday's close when it fell 1.5 per cent.
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