Business
Stocks soar on financial news
New York | May 10, 2008 12:01:13 AM IST
U.S. markets headed sharply up Friday on more news from financial concerns that investors said showed some light at the end of the write-down tunnel. In early afternoon trading, the Dow Jones industrial average gained 247.71 points to 12,863.20, up 1.92 percent. The Standard & Poor's 500 index gained 26.84 to 1,392.40, up 1.97 percent. The Nasdaq composite index gained 64.36 to 2,387.60, up 2.75 percent. The latest financial giant to report losses was Citigroup, which announced a $5.11 billion first-quarter loss with $13 billion in related write-downs, The Wall Street Journal reported. But, Citigroup shares gained 6 percent after the report was issued Friday, the Journal reported. We have many steps and stumbles, but it's not the end of the world, stock analyst Howard Simons told the Journal. The 10-year treasury note fell 27/32 to yield 3.831 percent. The dollar gained. The euro traded at $1.574 Friday, compared with $1.5882 Thursday, while the dollar traded at 104.56 yen from 103.52 yen Thursday. In Tokyo, the Nikkei index gained 78.15 points to 13,476.45, up 0.58 percent. In London, the FTSE 100 index gained 69.60 to 6050.00, up 1.16 percent. (UPI)
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