Washington University in St. Louis
Company Description
The moves amount to a drastic reshaping of the world of high finance. While stock markets in New York, Europe and Asia all moved higher on Monday, doubts still lingered that investors would be able to fully shake off the fears unleashed by last week’s enormous sell-off, the worst on Wall Street since 1933.At noon, the Dow was 537 points higher, a 6.3 percent gain that sent the blue-chip index above 8,900. The broader Standard & Poor’s 500-stock index gained 6.6 percent, and the Nasdaq was up by 7 percent.Gains were even bigger in European markets, with the German DAX index rising 11.4 percent and the CAC 40 in Paris up 11.18 percent. The FTSE-100 in London rose 8.2 percent.Shares of Morgan Stanley were 50 percent higher after the embattled investment bank said it had closed on a deal for $9 billion in financing from a Japanese bank, a critical lifeline that had been closely watched by the market ahead of the open on Monday.The ultimate judgment on this weekend’s developments, however, may have to wait until Tuesday, when credit markets reopen after the Columbus Day holiday. Problems in the flow of credit are at the root of the current crisis; if these markets remained locked on Tuesday, stocks could once again fall.“It’s going to take actions more than words at this time, given the extreme distress that the money markets are in and the extreme distress that the equity markets were in,” said Douglas M. Peta, a market strategist at J.& W. Seligman & Company.
Contact info
- Contact Person: yuguoqin
- Job Title: Business Manager
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