| Stocks hihger on talks of bailout of bond insurers
Stocks went higher in yesterday's US session on talks of bailout of bond isurers. Nokia released earnings above analysts' expectations. MAJOR HEADLINES - PREVIOUS SESSION The Standard & Poor's 500 Index added 28.08, or 2.1 percent, to 1,338.58, its first advance in six days. The Dow average rose 298.98, or 2.5 percent, to 12,270.17. The 30-stock gauge climbed 632 points from its low of the day to its high, marking its biggest swing since July 2002. The Nasdaq Composite Index increased 24.14, or 1.1 percent, to 2,316.41. Europe's Dow Jones Stoxx 600 Index added 3.7 percent. France's CAC 40 gained 4.3 percent. The U.K.'s FTSE 100 jumped 2.8 percent, and Germany's DAX advanced 4.9 percent. JPMorgan increased $4.86, or 12 percent, to $45.72, its steepest gain since 2002.
Pats owner has it all figured out
When I was thinking of hiring Bill, I know a lot of people thought I was making an error," said Kraft, who knew Belichick from his days as a Patriots assistant under Bill Parcells in 1996. "They based it on how he dealt with the media. They sent me tapes from his experience in Cleveland. "But in the end, I am into substance. I am not into lipstick and powder." Kraft also cherishes traits held by managers in his other businesses: Long-term foresight, fiscal responsibility and don't laugh, Belichick critics trustworthiness. Even after New England finished 5-11 in Belichick's first season, Kraft had confidence he was on the right track. An improbable Super Bowl run came the following year even as the Patriots were working out of a salary-cap mess left from the Carroll regime.
Dollar buoyed by surprise US rate cut
The Aussie endured a rollercoaster ride during the session, falling sharply in early trade as European stock markets tumbled amid growing worries about a possible recession in the US. But it bounced back to close more than half a cent higher after the US Federal Reserve's shock decision to cut official interest rates by 75 basis point ahead of its regular meeting in an attempt to calm fears about the economy. At 3am AEDT the dollar was trading at 86.81 cents, up from yesterday's London close of 86.20 US cents. During the session it hit a low of 85.13 US cents before climbing to a high of 87.21 US cents. As well as strengthening against the US dollar, the Aussie outperformed the British pound, Swiss franc, Canadian dollar and Japanese yen during the session.
|
