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Version 32 Version 33
Wall Street closes sharply higher after world markets rally - as it happened Wall Street closes sharply higher after world markets rally - as it happened
(7 months later)
10.07pm BST10.07pm BST
22:0722:07
Closing SummaryClosing Summary
It would be reckless to claim that this bout of volatility was suddenly over, especially when we have Societe Generale insisting we’re in a bear market.It would be reckless to claim that this bout of volatility was suddenly over, especially when we have Societe Generale insisting we’re in a bear market.
So lets just stick to the fact that the financial sector is looking a little less alarming tonight, and come back tomorrow and see if it holds up.So lets just stick to the fact that the financial sector is looking a little less alarming tonight, and come back tomorrow and see if it holds up.
The key points:The key points:
Goodnight! GWGoodnight! GW
UpdatedUpdated
at 10.09pm BSTat 10.09pm BST
9.38pm BST9.38pm BST
21:3821:38
The oil price has rocketed by 10% this evening, its biggest rally in six years.The oil price has rocketed by 10% this evening, its biggest rally in six years.
A barrel of Brent crude oil jumped by $4.49 per barrel to $47.63, a huge move. US crude oil jumped $4.18 per barrel to $42.78.A barrel of Brent crude oil jumped by $4.49 per barrel to $47.63, a huge move. US crude oil jumped $4.18 per barrel to $42.78.
The upgrade to US GDP in April-June, to an annualised rate of 3.7%, has bolstered optimism over global growth prospects.The upgrade to US GDP in April-June, to an annualised rate of 3.7%, has bolstered optimism over global growth prospects.
9.35pm BST9.35pm BST
21:3521:35
Three nights ago, fear was sweeping the markets that China’s Black Monday was trigging a global panic.Three nights ago, fear was sweeping the markets that China’s Black Monday was trigging a global panic.
Tonight, though, the stock markets of Japan, Europe and the US have pulled back most of their losses, as this nifty chart shows:Tonight, though, the stock markets of Japan, Europe and the US have pulled back most of their losses, as this nifty chart shows:
Global stockmarkets since China’s crash in “real time” (hat tip to Tuesday’s @nytimes @WSJ) http://t.co/2LnThZSsOQ pic.twitter.com/VouW0bGUHVGlobal stockmarkets since China’s crash in “real time” (hat tip to Tuesday’s @nytimes @WSJ) http://t.co/2LnThZSsOQ pic.twitter.com/VouW0bGUHV
9.26pm BST9.26pm BST
21:2621:26
Tonight’s surge on Wall Street mirrors the way that Shanghai stock market rallied in late trading, just 13 hours ago.Tonight’s surge on Wall Street mirrors the way that Shanghai stock market rallied in late trading, just 13 hours ago.
Insiders say that Beijing intervened to push shares up, to avoid a crash ahead of a big parade next week, to mark the end of the second world war.Insiders say that Beijing intervened to push shares up, to avoid a crash ahead of a big parade next week, to mark the end of the second world war.
David Woo of Bank of America Merrill Lynch says this has boost confidence in the markets.David Woo of Bank of America Merrill Lynch says this has boost confidence in the markets.
Investors believe the Chinese authorities will keep taking action to avoid another market rout overshadowing the event, he tells Bloomberg.Investors believe the Chinese authorities will keep taking action to avoid another market rout overshadowing the event, he tells Bloomberg.
Woo also explained how automatic trading systems are playing a massive role in the recent turmoil.Woo also explained how automatic trading systems are playing a massive role in the recent turmoil.
Algorithmic trading is "absolutely crucial" to understanding the recent market turmoil: BofA's David Woo @adsteel @TheStalwartAlgorithmic trading is "absolutely crucial" to understanding the recent market turmoil: BofA's David Woo @adsteel @TheStalwart
9.13pm BST9.13pm BST
21:1321:13
9.10pm BST9.10pm BST
21:1021:10
US stock market rallies againUS stock market rallies again
Another remarkable day’s trading is over, with the US stock market sharply higher.Another remarkable day’s trading is over, with the US stock market sharply higher.
That late rally saw the Dow Jones industrial average end the day up 369 points, or 2.27%, at 16,655.That late rally saw the Dow Jones industrial average end the day up 369 points, or 2.27%, at 16,655.
The S&P had gained around 47 points, or 2.4%, to 1,987. And the tech-heavy Nasdaq was 2.43% higher at the close.The S&P had gained around 47 points, or 2.4%, to 1,987. And the tech-heavy Nasdaq was 2.43% higher at the close.
That means the Dow and S&P have both posted their biggest two-day jumps since 2009, says Bloomberg.That means the Dow and S&P have both posted their biggest two-day jumps since 2009, says Bloomberg.
Optimism that China’s market rout may be easing, and a solid upgrade for US GDP, helped to drive share up.Optimism that China’s market rout may be easing, and a solid upgrade for US GDP, helped to drive share up.
US Closing Prices: #DOW 16654.77 +369.26 #SPX 1987.66 +47.15 #NDX 4324.82 +105.22 #VIX 26.14 -4.18US Closing Prices: #DOW 16654.77 +369.26 #SPX 1987.66 +47.15 #NDX 4324.82 +105.22 #VIX 26.14 -4.18
UpdatedUpdated
at 9.10pm BSTat 9.10pm BST
9.00pm BST9.00pm BST
21:0021:00
DJIA now some 160 points above the Monday crash level and it's not even the end of the week!!DJIA now some 160 points above the Monday crash level and it's not even the end of the week!!
9.00pm BST9.00pm BST
21:0021:00
It’s been a volatile day though - at one stage, the Dow had dropped back quite sharply, before going on a late surge in the last hour.It’s been a volatile day though - at one stage, the Dow had dropped back quite sharply, before going on a late surge in the last hour.
8.56pm BST8.56pm BST
20:5620:56
Hello again. The rally is holding, as Wall Street heads into the close of trading.....Hello again. The rally is holding, as Wall Street heads into the close of trading.....
Dow up 1.9% S&P up 2.2%Dow up 1.9% S&P up 2.2%
6.22pm BST6.22pm BST
18:2218:22
Wall Street continues to rally, recovering more of this week’s losses after today’s growth figures helped shore up confidence.Wall Street continues to rally, recovering more of this week’s losses after today’s growth figures helped shore up confidence.
Stocks (not socks as I wrote earlier, drat it) are hitting their highest levels of the day, pushing the Dow Jones index up 377 points, or 2.3%.Stocks (not socks as I wrote earlier, drat it) are hitting their highest levels of the day, pushing the Dow Jones index up 377 points, or 2.3%.
So I’m going to take a break now, but will pop back later to catch the close of the New York stock exchange....So I’m going to take a break now, but will pop back later to catch the close of the New York stock exchange....
UpdatedUpdated
at 6.22pm BSTat 6.22pm BST
6.15pm BST6.15pm BST
18:1518:15
Greece’s first female prime minister, top supreme court judge Vassiliki Thanou, has just been sworn in.Greece’s first female prime minister, top supreme court judge Vassiliki Thanou, has just been sworn in.
Official handover at PM's office #Greece #elections pic.twitter.com/FdI6BiXPKUOfficial handover at PM's office #Greece #elections pic.twitter.com/FdI6BiXPKU
Habemus Minister Primus. #Greece pic.twitter.com/0K4Ay69glaHabemus Minister Primus. #Greece pic.twitter.com/0K4Ay69gla
Thanou will lead a caretaker government until elections are held, probably in September. Her administration will be sworn in on Friday.Thanou will lead a caretaker government until elections are held, probably in September. Her administration will be sworn in on Friday.
Related: First female prime minister for Greece announced
UpdatedUpdated
at 6.15pm BSTat 6.15pm BST
5.52pm BST5.52pm BST
17:5217:52
Europe can ride out the Chinese turmoil, says European commissioner Pierre Moscovici tonight.Europe can ride out the Chinese turmoil, says European commissioner Pierre Moscovici tonight.
Reuters has the details:Reuters has the details:
“I am not worried, especially as monetary authorities in China and elsewhere have reacted or said they would,” Moscovici told France’s iTELE.“I am not worried, especially as monetary authorities in China and elsewhere have reacted or said they would,” Moscovici told France’s iTELE.
“My feeling today ... is that European economies are able to weather what is happening on the Chinese market. The fundamentals of the recovery in Europe and in France are solid enough.” [end].“My feeling today ... is that European economies are able to weather what is happening on the Chinese market. The fundamentals of the recovery in Europe and in France are solid enough.” [end].
The fundamentals aren’t *that* strong, though. France’s economy stagnated during the last quarter, for starters....The fundamentals aren’t *that* strong, though. France’s economy stagnated during the last quarter, for starters....
5.38pm BST5.38pm BST
17:3817:38
Although stocks have rallied today, they’re doomed to fall sharply in the coming weeks, claims one City analyst with a reputation for pessimism.Although stocks have rallied today, they’re doomed to fall sharply in the coming weeks, claims one City analyst with a reputation for pessimism.
Albert Edwards of Société Générale warned clients today that we are already experiencing a ‘bear market’.Albert Edwards of Société Générale warned clients today that we are already experiencing a ‘bear market’.
He believes investors are deluded to think that the west won’t be hit by problems in emerging markets, or that central bankers can “eliminate the business cycle” through more stimulus measures.He believes investors are deluded to think that the west won’t be hit by problems in emerging markets, or that central bankers can “eliminate the business cycle” through more stimulus measures.
Edwards is known as a “permabear” in City circles for his gloomy view; arguably it would be more newsworthy if he were optimistic. But anyway, here’s his take:Edwards is known as a “permabear” in City circles for his gloomy view; arguably it would be more newsworthy if he were optimistic. But anyway, here’s his take:
One of the many lessons from equity investing during Japan’s Lost Decade is that in a secular bear market hope is a killer. In a secular bear market hope should only be flirted with briefly during cyclical upturns, but it must be ruthlessly rejected as the cycle turns.One of the many lessons from equity investing during Japan’s Lost Decade is that in a secular bear market hope is a killer. In a secular bear market hope should only be flirted with briefly during cyclical upturns, but it must be ruthlessly rejected as the cycle turns.
In a secular bear market being wedded to hope destroys portfolios as the bear slashes to ribbons the hard-fought gains of the previous bull market. Gains that have taken years to accumulate are gone in months.In a secular bear market being wedded to hope destroys portfolios as the bear slashes to ribbons the hard-fought gains of the previous bull market. Gains that have taken years to accumulate are gone in months.
One key measure we monitor informs us conclusively: we are now in a bear market.One key measure we monitor informs us conclusively: we are now in a bear market.
And here’s that measure:And here’s that measure:
UpdatedUpdated
at 10.00pm BSTat 10.00pm BST
5.34pm BST5.34pm BST
17:3417:34
This is the biggest rally on the FTSE 100 in almost four years, beating Tuesday’s record.This is the biggest rally on the FTSE 100 in almost four years, beating Tuesday’s record.
FTSE 100: Largest one-day percentage gain since Thursday, October 06, 2011.FTSE 100: Largest one-day percentage gain since Thursday, October 06, 2011.
5.31pm BST5.31pm BST
17:3117:31
By my reckoning, today’s market rally has boosted the value of the FTSE 100 by around £55bn (that’s not official, though)By my reckoning, today’s market rally has boosted the value of the FTSE 100 by around £55bn (that’s not official, though)
Laith Khalaf of Hargreaves Lansdown, the financial services firm, says it shows the important of not selling when markets crash.Laith Khalaf of Hargreaves Lansdown, the financial services firm, says it shows the important of not selling when markets crash.
“It’s been one of the best ever days for the UK stock market, neatly illustrating why it’s a bad idea to sell out in a market rout. Black Monday was a truly dreadful day for stock investors, but it’s been followed by big bounce, with the Footsie now back where it ended last week. Markets tend to over-react to both good and bad news, so sharp falls are often followed by strong rallies.“It’s been one of the best ever days for the UK stock market, neatly illustrating why it’s a bad idea to sell out in a market rout. Black Monday was a truly dreadful day for stock investors, but it’s been followed by big bounce, with the Footsie now back where it ended last week. Markets tend to over-react to both good and bad news, so sharp falls are often followed by strong rallies.
Markets have today been buoyed by a rally in Chinese shares, a rise in commodity prices and a substantial upward revision of economic growth in the US. It would be foolhardy to suggest we’re out of the woods yet though, and share prices are likely to remain volatile for some time.Markets have today been buoyed by a rally in Chinese shares, a rise in commodity prices and a substantial upward revision of economic growth in the US. It would be foolhardy to suggest we’re out of the woods yet though, and share prices are likely to remain volatile for some time.
When markets are behaving erratically, investors should sit on their hands, and stick their fingers in their ears too if they can.When markets are behaving erratically, investors should sit on their hands, and stick their fingers in their ears too if they can.
Sounds tricky.....Sounds tricky.....
4.58pm BST4.58pm BST
16:5816:58
Today is now Triffic Thursday, apparently:Today is now Triffic Thursday, apparently:
FTSE 100 chart of the week so far - updated (h/t @cajuk for the Thursday label) pic.twitter.com/sf39OCf37kFTSE 100 chart of the week so far - updated (h/t @cajuk for the Thursday label) pic.twitter.com/sf39OCf37k
I trust we’ll keep tomorrow clean, chaps? Family audience, remember....I trust we’ll keep tomorrow clean, chaps? Family audience, remember....
4.56pm BST4.56pm BST
16:5616:56
FTSE surges by another 3.5%FTSE surges by another 3.5%
Crisis, what crisis?Crisis, what crisis?
Britain’s FTSE 100 index had clawed back almost all its losses from earlier this week, as world stock markets rebound today.Britain’s FTSE 100 index had clawed back almost all its losses from earlier this week, as world stock markets rebound today.
The blue-chip index surged by 212 points by the close of trading, up 3.5% to 6192. That’s only 14 points shy of the close last Friday night.The blue-chip index surged by 212 points by the close of trading, up 3.5% to 6192. That’s only 14 points shy of the close last Friday night.
Investors have been swooping for bargains, driving mining stocks such as Antofagasta, BHP Billiton and Anglo American up by 9% each today.Investors have been swooping for bargains, driving mining stocks such as Antofagasta, BHP Billiton and Anglo American up by 9% each today.
BHP shares rally 9.2 percent in London trading. Biggest 1-day gain since 2009 - adds $5bln to market cap pic.twitter.com/lwixhwCKEWBHP shares rally 9.2 percent in London trading. Biggest 1-day gain since 2009 - adds $5bln to market cap pic.twitter.com/lwixhwCKEW
The rally appears to have three drivers:The rally appears to have three drivers:
But can it last? Investors will surely be watching Wall Street nervously tonight, and then checking Asia out on the phones when they wake up tomorrow.But can it last? Investors will surely be watching Wall Street nervously tonight, and then checking Asia out on the phones when they wake up tomorrow.
As Tony Cross of Trustnet explains, serious bouts of volatility rarely end quickly; especially as Monday is a bank holiday.....As Tony Cross of Trustnet explains, serious bouts of volatility rarely end quickly; especially as Monday is a bank holiday.....
With the long weekend in the UK, volumes could well thin out tomorrow afternoon, exaggerating any moves in the market – we’re over 400 points up from the week’s lows so some short term profits could be taken.With the long weekend in the UK, volumes could well thin out tomorrow afternoon, exaggerating any moves in the market – we’re over 400 points up from the week’s lows so some short term profits could be taken.
4.55pm BST4.55pm BST
16:5516:55
European stock markets have all posted very strong gains today. More in a moment...European stock markets have all posted very strong gains today. More in a moment...
European Closing Prices: #FTSE 6192.03 +3.56% #DAX 10315.62 +3.18% #CAC 4658.18 +3.49% #MIB 22201.24 +3.39%European Closing Prices: #FTSE 6192.03 +3.56% #DAX 10315.62 +3.18% #CAC 4658.18 +3.49% #MIB 22201.24 +3.39%