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Dow gains nearly 500 points as U.S. stocks roar
Charlotte News.Net
Friday 21st November, 2008
U.S. stocks soared Friday, with gains accelerating in the final hour of trading.
Although well ahead at the time, indices lurched forward again after President-elect Barack Obama named the head of the New York Federal Reserve Timothy Geithner as his nominee for Treasury Secretary. Traders greeted the news with euphoria sending the Dow more than 6% higher by the close.
At the close of trading the Dow Jones industrials were up 494.13 points or 6.54% at 8,046.42.
The Nasdaq Composite was 68.23 points or 5.18% at 1,384.35.
The Standard and Poor's 500 was up 47.59 points or 6.33% at 800.03.
Citigroup's share price fell 19.96% as speculation intensified about its future. Despite company protestations that its liquidity and balance sheet were sound, the price in America's second largest bank closed at $3.77, down .94 cents. Just over one billion Citigroup shares changed hands Friday.
Talk around Wall Street Friday was that the bank was ripe for a takeover, or alternatively it could be broken up.
The U.S. dollar and Japanese yen retreated from Thursay's closing highs. Around the New York close the yen was at 95.84.
Th euro firmed to 1.2568, while the British pound rose to 1.4870.
The Swiss franc was little changed at 1.2213, while the Australian dollar rose to .6290. The Canadian dollar was a smidgeon stronger at 1.2770.
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