More extreme market volatility continued today as the US markets jumped nearly 6.5% in late trading. Barack Obama announced that Timothy Geithner was selected as the secretary of the Treasury. The news induced a buying frenzy. A NYTimes article entitled: “Stocks Soar in Late Trading,” stated that “Earlier this week, Wall Street slid to its lowest point in 11 years after two days of fevered sell-offs effectively erased all the gains of the Internet and housing booms. The Dow closed near 7,500 points on Thursday, and the S.&P. was lower than any point since 1997.”
The Emerginvest heat map reaffirms the tough week for world markets:
Only the UAE, Germany, Uganda, and China were positive for the past week before Friday (all around 2%).
Citigroup announced that it might consider selling part or all of itself and in response Asian markets were also up across the board (except China which was down -0.72%): Japan’s NIKKEI was up 2.7%, Hong Kong’s Hang Seng was up 3%, India was up 5.5%, and Singapore was up 3% as well.
Europe however was badly hit today as most major European exchanges plunged multiple percentage points. The UK was down 2.4%, DAX Germany was down 2.2%, CAC40 of France was down a hair over 3%, and Belgium’s Bel 20 was down 4.1%.
A Marketwatch article entitled: “Stocks in Europe slip, dragged by pharmaceuticals,” stated that “The losses came on a day of a gloomy economic report, as the euro-zone composite middling performance managers index slumped to a reading of 39.7 in November from 43.6 in October. Any number below 50 indicates economic contraction,” as well as “Underscoring the economic state of affairs, strategists at Goldman Sachs said earnings estimates have been revised downward for 70% of the companies in the Stoxx 600.”
Some analysts claimed that the US markets were simply reacting to Barack Obama’s announcement that Timothy Geithner – that the reaction was not necessarily positive or negative, but that it was simply a headline which indicated “change.” This leads the way for a potential downturn in the US markets Monday morning as the decision is weighed.
The Emerginvest heat map reaffirms the tough week for world markets:
Only the UAE, Germany, Uganda, and China were positive for the past week before Friday (all around 2%).
Citigroup announced that it might consider selling part or all of itself and in response Asian markets were also up across the board (except China which was down -0.72%): Japan’s NIKKEI was up 2.7%, Hong Kong’s Hang Seng was up 3%, India was up 5.5%, and Singapore was up 3% as well.
Europe however was badly hit today as most major European exchanges plunged multiple percentage points. The UK was down 2.4%, DAX Germany was down 2.2%, CAC40 of France was down a hair over 3%, and Belgium’s Bel 20 was down 4.1%.
A Marketwatch article entitled: “Stocks in Europe slip, dragged by pharmaceuticals,” stated that “The losses came on a day of a gloomy economic report, as the euro-zone composite middling performance managers index slumped to a reading of 39.7 in November from 43.6 in October. Any number below 50 indicates economic contraction,” as well as “Underscoring the economic state of affairs, strategists at Goldman Sachs said earnings estimates have been revised downward for 70% of the companies in the Stoxx 600.”
Some analysts claimed that the US markets were simply reacting to Barack Obama’s announcement that Timothy Geithner – that the reaction was not necessarily positive or negative, but that it was simply a headline which indicated “change.” This leads the way for a potential downturn in the US markets Monday morning as the decision is weighed.
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