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US stock markets take last minute rebound; Selling continues in Asian markets

October 24th, 2008

The US stock markets took a remarkable recovery course in the last two hours of trades only to close mixed. The Asian markets are continuing on the selling pressure on Friday morning trades.

Former Federal Reserve Chairman Alan Greenspan told Congress that he is shocked at the breakdown of the American credit system. Microsoft has announced a better than expected quarter. Energy, Utilities are the favorite stocks while Basic Materials, Conglomerates, Cons. Cyclical and Technology closed in the red.

Dow closed at 8,691.25 gaining 172.04 points or 2.02%. The Nasdaq closed at 1,603.91 down 11.84 points or 0.73%. The S&P 500 closed in the positive at 908.11 by 11.33 points or 1.26%.

The Asian markets are continuing their selling stand. Sony has put up a profit warning while the outlook of most Asian corporates is that a downward slide looks inevitable.

Nikkei 225 at one point is down over 5% but recovered a bit and is down at 4.89% at the moment. Seoul Composite is down over 5.4%. Hang Seng and Jakarta Composite markets are also down in the red.

1 U.S. Dollar = 49.4095 Indian Rupees
1 U.S. Dollar = 0.7738 Euros
1 U.S. Dollar = 0.7738 GBP
1 Ounce Gold = $713.10
1 Barrel Crude Oil = $68.50

Friday, October 24, 2008 8:22:22 AM IST

Entry Filed under: Global Markets