Stock market fixing:
Nikkei 225 +6.24 +0.10% 12,760.80
Topix -3.84 - 0.30% 1,249.28
CAC +51.30 +1.26%
4,112.45
FTSE -21.30 -0.41%
5,150.60
DAX +73.67 +1.21%
6,155.37
Dow +276.74 +2.52% 11,239.28
NASDAQ +69.14 +3.12%
2,284.85
S&P +30.45 +2.51%
1,245.36
10yr Note +0.9000 +0.234%
3.934%
NYMEX Crude Oil -4.14
-2.98% 134.60
Gold -16.00 -1.63% 962.70
Japan's Topix index fell for a fourth day, led by commodities producers, after oil
posted its biggest decline in four months yesterday amid signs record prices
and slowing growth are curbing demand.
Inpex Holdings Inc. fell to the
lowest in two months, while Mitsubishi Corp., the nation's largest trading
company, sank the most in a week. Declines were limited as companies including
All Nippon Airways Co. and Nippon Paper Group Inc. advanced on speculation
their costs will be reduced by falling energy prices.
European stocks rebounded from a three-year low after a drop in oil prices boosted earnings
prospects for carmakers and airlines.
Daimler AG, the world's
second-biggest luxury automaker, and Ryanair Holdings Plc, Europe's
largest discount airline, gained after crude fell. Cie. Financiere Richemont SA
rallied after sales at the world's biggest jewelry maker topped analysts'
estimates. Vivendi SA led media companies higher after Activision Blizzard
Inc., which completed its merger with Paris-based Vivendi's games unit last
week, reported profit that beat the publisher's own forecast.
Daimler added 3.1%. Volkswagen AG, Europe's largest carmaker, climbed 7.9%.
Ryanair advanced 6.6%.
Stocks got a big bounce back Wednesday as investors welcomed encouraging news from
the banking and airline sectors. Falling oil prices also helped spark a strong
stock market rally.
Federal Reserve Chairman Ben
Bernanke appeared before the House Financial Services Committee Wednesday after
testifying before the Senate Banking Committee Tuesday. In his testimony,
Bernanke stated that government-backed mortgage financers Fannie Mae and
Freddie Mac are "in no danger of failing."
That helped Fannie and Freddie soar
30% in Wednesday trading. The embattled firms were the focal points of
downtrodden investor sentiment toward financials for several of the previous
sessions.
Shares of Washington Mutual jumped
25.5%, helping the bank bounce back from a selloff earlier in the week. A
Lehman Brothers analyst note released Monday suggested the bank may need to
"substantially" raise its reserves over the course of 2008 to cover
losses from home loans.Other struggling financials jumped
on the bandwagon. Bank of America rose
22.4%, JPMorgan Chase gained 15.9%, Wachovia soared 16.1% and Citigroup added
13.1%.