European Stocks Lift
So far, this week hasn't been as bruising as last week's historic losses. A new normal has emerged in the markets, in which they swing like a pendulum every day depending on bits of economic news and other factors, such as hedge fund sales. So far this morning, the markets in Europe seem to be following the lead of the Dow yesterday, with the DJ Stoxx index up 2.8 percent so far.
In Asia, the picture was more mixed. The Nikkei seemed to partially recover from its double-digit percentage decline of recent days, rising 2.8 percent today. The DJ Shanghai rose less than 1 percent and the Hang Seng fell 4 percent.
Oil, which fell below $70 a barrel -- a price half of what it was in July -- has risen to $71 a barrel so far today.
A couple of reports out this morning say that General Motors and Chrysler merger talks are heating up again, with the Wall Street Journal saying the deal could be agreed upon by the end of the month.
Meanwhile, on Main Street, there continue to be signs that the credit crisis is having an impact on everyday Americans. Check out Michael Fletcher's report today on how low-wage workers are feeling the squeeze and Steven Mufson's report on how businesses like Domino's Pizza are adjusting to changes in the credit markets.
Posted by: Anonymous | October 17, 2008 8:31 AM | Report abuse
Posted by: Anonymous | October 17, 2008 8:36 AM | Report abuse
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