">Forum Views ()
">Forum Replies ()
Read more with google mobile :
US auto bailout hope lifts most markets
Navigation
Primary Navigation
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Secondary Navigation
Singapore
Asia Pacific
World
Search
Search:
US auto bailout hope lifts most markets
AFP - 2 hours 36 minutes ago
NEW YORK (AFP) - - Global stock markets were generally firm Wednesday, buoyed by growing hopes that a 15-billion-dollar government rescue deal for the faltering US auto industry would win passage.
Although the tentative deal still faced some opposition, analysts said it could avert a collapse of the US auto industry with devastating economic effects.
The Dow Jones Industrial Average rose 0.81 percent to close at 8,761.42.
The tech-dominated Nasdaq garnered 1.17 percent to 1,565.48 and the broad Standard & Poor's 500 index added 1.19 percent to 899.24.
Democratic congressional leaders said they reached a deal in principle with the White House on the auto rescue plan, but many of US President George W. Bush's fellow Republicans in Congress were reluctant to back the bailout.
Elizabeth Harrow at Schaeffer's Investment Research said the market wobbled during the day but appeared to gain confidence the rescue plan would be passed.
"As the rescue plan stalled out, so did the day's gains," she said.
"However, stocks recovered from the initial disappointment, and muscled their way back into the black."
House of Representatives majority leader Steny Hoyer, a Democrat, acknowledged "reluctance to directly assist carmakers," but added that lawmakers admit "the impact on the economy would be very severe" if the industry collapsed.
White House deputy chief of staff Joel Kaplan said: "I don't want to say that there is agreement because there's never agreement until you've actually seen the text and know what's in there and what the members are being called upon to vote on."
"But as I say, (we've made) very good progress on a conceptual agreement," he told reporters.
In Europe the London FTSE 100 index shed 0.32 percent to close at 4,367.28 while the Paris CAC 40 rose 0.68 percent to 3,320.31. In Frankfurt the Dax added 0.54 percent to close at 4,804.88.
Elsewhere, Brazil's Bovespa jumped 2.73 percent and the S&P/TSX in Toronto added 2.82 percent.
In Asia, Tokyo closed up 3.15 percent on Wednesday, Hong Kong soared 5.6 percent, Seoul jumped 3.6 percent, Taiwan added 4.16 percent and Sydney put on 1.0 percent.
Investors reacted coolly to Sony Corp.'s plans to slash about 16,000 jobs and shut plants to cope with the financial crisis, as analysts warned the revamp may not be radical enough. Sony shares ended up 1.1 percent.
Analysts remained perplexed over the strange action on the US bond market, where yields on short-term Treasury bills were negative on Tuesday. The yield on the three-month bill turned positive but still offered only a scant 0.01 percent yield, reflecting unprecedented demand for safe-haven assets.
"We cannot find a single investor or institution or organization that would volitionally buy this T-bill at zero interest, let alone a negative yield," said David Kotok at Cumberland Advisors.
"The only explanation we can find is that there are some organizations that are forced to buy T-bills. They function with rules that restrict them from doing anything else. Many of them are foreign institutions."
Email Story
IM Story
Printable View
Blog This
Recommend this article
Average (0 votes)
Sign in to recommend this article »
Most Recommended Stories »
Related Articles: Business
Japan Hot Stocks-Japan Tobacco, Suzuki Motor, SMFGReuters - 16 minutes ago
China-Japan-S.Korea FX deal due around Sat-mediaReuters - 23 minutes ago
Australians foresee sharp slowdown in inflationReuters - 24 minutes ago
Yahoo curbs severance pay in event of a takeoverAP - 37 minutes ago
Seoul shares open lower; caution on BOK decisionReuters - 50 minutes ago
Enlarge Photo
US auto bailout hope lifts most markets
Most Popular – Business
Viewed
New recession warnings hit leading economies
Muslim pilgrims stone Satan at the hajj
Dow Chemical to cut 5,000 jobs, close 20 facilities
Illinois governor arrested for trying to sell Obama senate seat
Street battles rage as Greek crisis worsens
View Complete List »
Search:
Home
Singapore
Asia Pacific
World
Business
Entertainment
Sports
Technology
Top Stories
Most Popular
Other News on Thursday, 11 December 2008
Cambodia to fight corruption at genocide tribunal
Good governance can help countries overcome financial crisis
Court jails tanker officers over SKorea's worst oil spill
NZ dollar retests 2-week highs; debt firmer
Bangladesh to lift emergency in one week
US envoy says NKorea nuclear talks hit stalemate
India gives info tying Mumbai gunmen to Pakistan
India and England focus on "emotional" Test cricket series
The New York Pops gets new music director
Bangladesh will lift emergency rule Dec. 17
Vienna Opera's new maestro triumphs in 'Goetterdaemmerung'
Japan harnesses commuters' stamping for power
Malaysia frees man accused of aiding 9/11 plotters
SKorea lifts software requirement on mobile phones
Salzburg Festival on look-out for new head
James Thierree, Chaplin grandson, wins French theatre prize
China's next 30 years: Building the world's biggest cities
Landslide kills 3 in southern Philippines
Matchmaking booms in SKorea due to economic crisis
Hollywood actors to mail strike ballots on Jan 2
Poland's president meets the Dalai Lama
Italian director new head of the Turin Film Fest
Intel to produce 32nm chips
Asian, European kids outshine US children in science, math: study
Max Stern's estate shows 2 restituted paintings
Sarah Palin: McCain's pick topped 2008 Google search charts
Singapore's STI rises 4 pct on rig-builders, shippers
Screen Actors Guild sets strike vote on Jan. 2
`Dark Knight' tuned in for Oscar score eligibility
6 Afghan police killed in mistaken US strike
Myanmar at centre of elephant smuggling trade: report
Not credit crunched: Royal diamond fetches record price
Hats off to Herzog at Paris fest
Ricky Martin calls fatherhood a `spiritual moment'
NY sale dispute over Belafonte-owned MLK Jr papers
Death toll in India bus fire up to 63: police
Olympics-Mixed gender events to debut at 2010 Youth Games
Review: Eastwood back with a roar in `Gran Torino'
Police say Indian helped smuggle Pakistani gunmen
Library association launches award for teen books
Frenchwoman abandons trans-Pacific 'kite-surfing' bid
AOL re-invents its Bebo social networking website
Miuccia Prada honored _ with no 'sound bites'
Moonves: CBS to gain from Leno move to prime time
Mumbai embroidery firm stitches India's racial groups together
India's Mahindra denies Volvo bid
Indian car sales post biggest fall in eight years: industry
Job cuts, bankruptcy fears mount around the globe
Kidman brings glamour to 'Australia' premiere in London
India gives info tying Mumbai gunmen to Pakistan
NY soldier denies guilt after 'fragging' acquittal
Israel OKs money transfer to ease Gaza cash crunch
EU leaders to set new defence ambitions: draft document
One in five US teens has had 'tech sex': study
Pakistan's Lashkar arrests met with Indian mistrust
| International
|
Russia, Argentina sign cooperation deals
Student punished for Facebook rant against teacher sues school
Autism, other disorders linked to post-natal factors: study
Congo rebels delaying progress in talks: mediator
| International
|
Irish EU 'no' camp already bracing for second poll
Obama website 'Open for Questions'
Congress reaches deal on auto bailout bill
Britain's Brown in 'save the world' slip
Britain could begin Iraq pullout in March: source
| International
|
Oil prices rise as Russia mulls output cut
Russia to unveil oil output cut proposals
U.S. spies on Israel nukes, govt: official history
| International
|
France takes in first Colombian ex-rebel
Bhutto wins posthumous human rights prize at U.N.
| International
|
Bush to push international action against pirates
U.S., NATO seek less dependence on supply routes
| International
|
SKorea lifts software requirement on mobile phones
Zimbabwe cholera toll jumps
| International
|
Energy secretary pick argues for new fuel sources
Pakistan detains 2nd alleged Mumbai plotter
Sharif back in Mogadishu as death toll hits 16,210
| International
|
All eyes on EU as UN climate talks stumble on
1/5 of coral reefs already lost, much more feared
Seoul shares open lower; caution on BOK decision
Google executive departs for LinkedIn
| Technology
|
FACTBOX-Recent comments by S.Korean officials on econ
Bosnians want Serb group shut down on Facebook
| Technology
|
NZ manufacturing activity plunges in Nov-survey
Economic package to include health tech
| Technology
|
South Korea pledges sufficient liquidity supply
Chinese currency undervalued: US Treasury
U.S. nanotechnology plans fall short: report
| Technology
|
Oil prices rise as Russia mulls output cut
China names and shames fake drug websites
| Technology
|
NZ guest nights rise in October
Oil above $44 as investors anticipate OPEC cut
Yahoo shareholder urges sale of search to Microsoft
| Technology
|
Administration refuses to cite China on currency
Russia sees OPEC cut, would back Lukoil Repsol bid
US auto bailout hope lifts most markets
More mobile phone makers back Google's Android
| Technology
|
Reinsurers pay North Korea claim, drop fraud case
US hails Taiwan's joining WTO procurement pact
Hollywood actors union seeks authority to strike
| Entertainment
|
Michael Jackson's Neverland gates, glove for sale
| Entertainment
|
Britney Spears is ringmaster with Circus album
| Entertainment
|
Hollywood actors to mail strike ballots on Jan 2
Tom Cruise laughs about Oprah interview
| Entertainment
|
Milk named best picture by NY film critics
| Entertainment
|
Sci-fi fan Keanu Reeves jumped at alien role
| Entertainment
|
Toni Braxton has benign tumor removed
| Entertainment
|
Pearl Jam raids vaults for Ten reissue
| Entertainment
|
Correction: Jay Leno's new show story
Britain's Sky TV criticized for assisted death film
| Entertainment
|
Sao Paulo officials try to break up Madonna concert camp
Administration refuses to cite China on currency
`Nightline' producer doesn't feel saved
Bollywood looks to 'King Khan' for year-end boost
Former Indonesian diplomat Ali Alatas has died
404 Not Found
Jihadist calls for 'Facebook invasion': SITE
Mine tunnel collapse kills three in Philippines
US envoy says NKorea nuclear talks hit stalemate
Review: `Doubt' only preaches moral ambiguity
RPT-GLOBAL MARKETS-Asian shares retreat; economy worries nag
1,052 employers taken to task for housing foreign workers in poor conditions
US envoy says NKorea nuke talks make no progress
Mouse hunting and group cards among Facebook rising stars
Police say Indian helped smuggle Pakistani gunmen
Pakistan detains 2nd alleged Mumbai plotter
Oil prices slightly higher in Asia
Dreams may no longer be secret with Japan computer screen
Philippine pigs found with Ebola Reston virus
OBITUARY-Indonesia's Ali Alatas tarnished by East Timor
Police say Indian helped smuggle Pakistani gunmen
China's economic development sees surge in lifestyle diseases
Bollywood mourns attacks, seeks to draw moviegoers
NKorea holding up progress on nuclear talks: envoys
Surviving Mumbai gunman due before Indian judge
China mulls payouts over milk victims: state media
Malaysia frees militant suspects held for years
Five Italian police jailed over G8 summit riots
North Korea nuclear talks limp on with no prize for Bush
| International
|
House backs US auto industry bailout; vote shifts to Senate
Congo rebels delaying progress in talks: mediator
| International
|
House approves auto industry bailout; vote shifts to Senate
Boosting protein extends life of Lou Gehrig patients: study
China considering compensation for milk victims
| International
|
Swiss bank secrecy in toughest test since Nazi gold
| International
|
China cancer village pays ultimate price for growth
| International
|
China's Pandas face winter food shortages: report
Obama demands head of Illinois governor
Tamil Tigers say killed 90 Sri Lankan troops
Sharif back in Mogadishu as death toll hits 16,210
| International
|
US military deaths in Iraq war at 4,209
WHO urges vigilance for bird flu after HK outbreak
South Korea central bank slashes key interest rate
Surviving Mumbai gunman remanded in custody until 24 Dec
AU, Sharp scale back LCD production activity
Yahoo changes severance plan in settling lawsuit
| Technology
|
Scenic China city to lop top floors off buildings
Pakistani c.bank sells 27.7 bln rupees of T-bills
S.Korea T-bond futures end off highs after rate cut
Lawyer says critic in China still in detention
India film on sectarian violence wins Asia awards
Parents of China Southern, China Eastern tighten hold with aid
S'pore Cambridge REIT says CEO quit, names replacement
Seoul shares hit 6-wk closing high on rate cut
S.Korean won up 2.6 pct on BOK's record rate cut
Desperate Housewives may add four seasons
| Entertainment
|
Growth in Asia to drop as global slowdown bites: ADB
More honors for 30 Rock and Mad Men
| Entertainment
|
S.Korea c.bank drains 5.0 trln won via 7-day repos
Ben Stiller replacing Mark Ruffalo in drama
| Entertainment
|
Showtime develops coming-out series
| Entertainment
|
Valkyrie a valiant effort, pity about the ending
| Entertainment
|
Ebola virus strain found in Philippine swine: agriculture chief
Web site: Tamil rebels kill 89 Sri Lankan soldiers
NKorean leader visits cosmetics factory
Ship firm calls jail term for tanker crew a 'disgrace'
India unveils security overhaul after Mumbai siege
Hong Kong bird flu outbreak could be due to smuggled eggs: industry
Gates: More brigades to Afghanistan by summer
China expects record travel figures for Lunar New Year
Longer tours, with families, for US troops in SKorea
Czech teens flock to bygone ritual of ballroom dancing
Reuters Southeast Asia News Highlights 0900 GMT Dec 11
Former Indonesian diplomat Ali Alatas dies
Asian banks still strong but face tough road ahead
CORRECTED
Lenovo refuses to confirm bid for Brazil PC maker
At least 30 killed in Iraq restaurant bomb: police
Suicide bomber strikes restaurant in northern Iraq
World looks to EU for leadership on climate change: UN chief
Greek violence flares for sixth day, Athens calmer
| International
|
US defence chief Gates in Afghanistan
India fight back after Strauss century
Iraq asks Obama to hold new U.S.: Iran talks
| International
|
Vatican team discusses papal visit to Israel
Mugabe says Zimbabwe cholera outbreak stopped
| International
|
US auto rescue wins backing, but economic gloom deepens
War with Pakistan no solution, India says
| International
|
German, American, Britons caught in Thai sex raid
| International
|
U.S. aims for more troops in Afghanistan, Gates says
| International
|
HK confirms H5N1 bird flu hits local farm
Taiwanese writer Yeh Shih-tao dies
World looks to EU for leadership on climate change: UN chief
Thailand's opposition Democrats inch towards power
| International
|
Thai arrests linked to online child pornography
Cathay's cargo, passenger traffic drops in Nov.
Calif. set to adopt sweeping global warming plan
Ireland gives $233 million to restart pig slaughtering
| International
|
ADB approves $300 mln loan to Pakistan
Govt seeks feedback on proposed major reforms to Criminal Procedure Code
Japan minister urges companies to secure jobs
SKorean central bank slashes key interest rate
Obama to offer Israel nuclear umbrella: report
| International
|
Home Affairs Ministry honours 481 home team officers
India's inflation continues to fall
HK's main stock index ends flat
India calls on Pakistan to hand over 40 fugitives
Sharp says mulling LCD production cut
Taiwan dlr at 2-wk high on foreign funds, eyes cbank
Oil prices rise above $45 ahead of OPEC meeting
Bank of China says deal with Rothschild still not approved
China shares drop on profit-taking
SKorea, China, Japan to discuss currency swap deals: report
Bon Jovi scores 2008's top-grossing tour
| Entertainment
|
Actors in awards spotlight share war stories
| Entertainment
|
Golden Globes dodge strike bullet, Oscars may not
| Entertainment
|
Operatic bass Richard Van Allan dies at 73
Solzhenitsyn site opens on late writer's birthday
Fish Leong basking in love
Joe Nieh's secret lover exposed!
Frankie Kao steps out to speak for Annie Yi
Van Fan
China inflation at 22-month low
Japan to boost currency swap deal with SKorea: reports
Pakistani charity vows to fight UN sanctions
Ex-Thai PM attempts to block govt led by opponents
S’pore Shipping Association appointed as training centre for maritime industry
Indonesia, Malaysia boost security amid financial crisis
Pressure grows on Pakistan over Islamic charity
Thai House to meet Monday to pick new premier
Former Deputy Permanent Secretary for Health dies at 87
US envoy says NKorea nuke talks end in stalemate
Former Indonesian diplomat Ali Alatas dies
US envoy says North Korea nuclear talks fail
China's Huan Hsin says workers dispute settled
HK boy sick after consuming tainted milk products
Former Indonesian foreign affairs minister Ali Alatas dies aged 76
Offenders caught lighting up in smoke—free zones down by 70%
Close to 3,600 cartons of contraband cigarettes uncovered
Pakistan targets group linked to Mumbai attacks
Josh Hartnett wins libel suit against UK tabloid