Stocks on Wall Street ended the week with a late rally, snapping a three-day drop.The Dow Jones Industrial Average closed up 125.38 points, or more than 1.3%, at 10,193.39, but down 4% for the week.The average is down 9% from its 2010 high, just out of te
Stocks on Wall Street ended the week with a late rally, snapping a three-day drop.
The Dow Jones Industrial Average closed up 125.38 points, or more than 1.3%, at 10,193.39, but down 4% for the week.
The average is down 9% from its 2010 high, just out of territory signaling a correction to the bull market dating back to March 2009.
The S&P 500 rose 1.5% to 1087.69, led by a 3.6% jump in its financial sector after the US Senate approved the biggest overhaul of the financial system since the 1930s.
JP Morgan Chase rose 5.9%, Bank of America rose 4.5% and Goldman Sachs rose 3.3%. The index was 4.2% down for the week.
The Nasdaq Composite was up 1,1% to 2229.04, a 5% drop for the week.
Other markets: Europe down, Asia mixed
European shares dropped again, though they closed well off earlier lows.
The Stoxx Europe 600 index, which fell nearly 3% early in the session, eventually finished down just 0.5% to 237.04. The decline, after a brutal session on Thursday, brought weekly losses to 4.6%.
The German DAX index fell 0.7% to 5829.25, the French CAC-40 index dropped 0.1% to 3430.74 and the UK FTSE 100 index declined 0.2% to 5062.93.
Asian shares were down but many markets were off their lows as some investors picked up shares battered by continuing fears about Europe's debt crisis.
Property stocks in China and banking plays in Australia recovered, although weak sentiment continued to weigh on some technology shares in Tokyo and Taipei.
Japan’s Nikkei Stock Average ended down 2.5% at a fresh 2010 low of 9784.54, but was off an earlier fall of more than 3%. Australia's S&P/ASX 200 was 0.3% lower at 4325.77 after falling as low as 4175, or 3.2%, to a 10-month low.
Taiwan's main index was down 2.5% to 7237.71. China's Shanghai Composite Index reversed earlier losses and turned 1.1% higher to 2583.52, with Xinjiang-based companies leading the rise following the announcement of a massive stimulus package for the region.
Hong Kong and South Korean markets were closed for a public holiday. Markets in Thailand were also closed due to recent political unrest.
Commodities: Oil, gold down
Crude-oil prices continued to weaken despite signs demand will catch up with today's high supply levels.
The light, sweet crude-oil futures contract for July delivery fell 76USc, or 1.1%, at $US70.04 a barrel in New York. Brent crude on London's ICE futures exchange fell 16USc, or 0.2%, to $US71.68 a barrel.
Gold hit a two-week low but bounced off its weakest levels as investors resumed buying the metal.
The initial decline was blamed largely on selling to raise money for margin calls in other markets that suffered this week. Benchmark gold actually hit its $US1166 bottom in after-hours screen trading Thursday night when investors were still reeling from that day's 376.36-point decline in the Dow stock index.
Gold for June delivery in New York settled $US12.50, or 1.1%, lower at $US1176.10 an ounce. However, at one point, it bounced all the way to $US1188, which was a $US22 gain from the overnight low.
Currencies: Euro, dollar up
The euro gained modestly as investors who had bet heavily against the common currency continued to pare their positions.
Germany's parliamentary approval of its contribution to the €750 billion rescue plan also lent support.
The euro's rebound caps an extremely volatile week of trading, in which it hit a series of four-year lows, dropping as far as $US1.2143 before rebounding as high as $US1.2673.
The euro was at $US1.2544 from $US1.2511 late on Thursday in New York. The dollar was at ¥90.30 from ¥89.67, while the euro was at ¥113.28 from ¥112.19. The UK pound was at $US1.4458 from $US1.4391.
