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Market Review - 21/11/2008 23:24 GMT
Dollar rises versus yen as U.S. stock markets rally on Geithner news
The greenback rose against the Japanese yen from 93.65 to 95.99 on Friday on news that New York Federal Reserve President Timothy Geithner will be nominated as President-elect Barack Obama's Treasury secretary. Geithner has been instrumental in putting together a bailout package for U.S. financial institutions with Treasury Secretary Henry Paulson.
Dow Jones industrial average index rallied by 494.37 points or 6.55% to end at 8046.66. The Standard & Poor’s 500 index rose sharply by 47.57 points or 6.32% to close at 800.01. The Nasdaq Composite index surged by 68.23 points or 5.18% to finish at 1384.35.
Japan’s finance minister Nakagawa said the government needs to 'respond decisively against sharp movements' in stocks and currencies. Japan’s stock markets rebounded strongly from 7406.18 to 7994.68 on Friday. Euro, aussie and sterling rose against the Japanese yen from 116.45 to 120.82, from 56.98 to 60.62 and from 137.77 to 143.21 respectively as risk appetite for high-yielding currencies returned due to the recovery in U.S. stocks.
The single currency rebounded from 1.2423 to 1.2638 against the dollar. The British pound fell briefly from 1.5061 to 1.4702 on cross trading in sterling before rebounding to close at 1.4930 in tandem with the late rally in U.S. stock markets.
Next week will see a series of U.S. housing data, including existing home sales on Monday, house price index on Tuesday and new home sales on Wednesday. Other economic reports due next week include revised GDP for the third quarter, personal income and consumption, durable goods, Chicago purchasing managers index and initial jobless claims. Economists are expecting the economy to contract 0.5%, down from a previously estimated 0.3% drop. U.S. markets will be closed for the Thanksgiving holiday on Thursday.
Dollar rises versus yen as U.S. stock markets rally on Geithner news
The greenback rose against the Japanese yen from 93.65 to 95.99 on Friday on news that New York Federal Reserve President Timothy Geithner will be nominated as President-elect Barack Obama's Treasury secretary. Geithner has been instrumental in putting together a bailout package for U.S. financial institutions with Treasury Secretary Henry Paulson.
Dow Jones industrial average index rallied by 494.37 points or 6.55% to end at 8046.66. The Standard & Poor’s 500 index rose sharply by 47.57 points or 6.32% to close at 800.01. The Nasdaq Composite index surged by 68.23 points or 5.18% to finish at 1384.35.
Japan’s finance minister Nakagawa said the government needs to 'respond decisively against sharp movements' in stocks and currencies. Japan’s stock markets rebounded strongly from 7406.18 to 7994.68 on Friday. Euro, aussie and sterling rose against the Japanese yen from 116.45 to 120.82, from 56.98 to 60.62 and from 137.77 to 143.21 respectively as risk appetite for high-yielding currencies returned due to the recovery in U.S. stocks.
The single currency rebounded from 1.2423 to 1.2638 against the dollar. The British pound fell briefly from 1.5061 to 1.4702 on cross trading in sterling before rebounding to close at 1.4930 in tandem with the late rally in U.S. stock markets.
Next week will see a series of U.S. housing data, including existing home sales on Monday, house price index on Tuesday and new home sales on Wednesday. Other economic reports due next week include revised GDP for the third quarter, personal income and consumption, durable goods, Chicago purchasing managers index and initial jobless claims. Economists are expecting the economy to contract 0.5%, down from a previously estimated 0.3% drop. U.S. markets will be closed for the Thanksgiving holiday on Thursday.
