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News that the Fed has purchased over $30 billion in mortgage related bonds today has been the main factor in market movement. The injection of liquidity is an attempt to stem the credit crunch.
The Dow rallied back in late day trading after being down nearly 120 points. IBM and ExxonMobil led the Dow rally posting gains of 1.6% and 1.2% respectively.
Crude oil futures for September delivery continued to fall dropping 1.3% to $70.69 a barrel on concerns that reduced economic growth will hamper fuel demand. Gold futures for December delivery rose 1.3% to $681.60 an ounce.
Around Europe, Germany's DAX lost 1.5% to 7,343.26, France's CAC 40 dropped 3% to 5,448.63, and Britain's FTSE 100 gave up 3.7% to 6,038.30.
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Darren Wong
Associate Editor
darrenw@tradingmarkets.com
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