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US stocks volatile on weak dollar US stocks rise after volatile day
(about 2 hours later)
US shares were volatile in Thursday trading, hit by the weak dollar and news that a unit of private equity group Carlyle was near collapse. US share indexes ended up on Thursday after a volatile day's trading that had earlier seen them fall sharply due to the weak dollar and record oil prices.
Sentiment was further knocked by record oil prices, prompting investors to move money to haven assets such as gold. The Dow Jones, which had been down 200 points at one point, eventually ended up 36 points to 12,146.
The main Dow Jones index was up 51 points or 0.5% to 12,161 in afternoon trading, after earlier being down 1.8%. Analysts said investor sentiment was improved by a report suggesting that the worst of the US bad mortgage debt crisis may now be over.
European and Asian stocks had finished lower, and analysts warned of more market volatility in coming weeks. However, continuing market jitters are expected in the coming weeks.
'Dominant factor' The Nasdaq index finished up 20 points to 2,264.
Earlier in the day, the price of a barrel of benchmark US light crude oil passed $110 in Thursday trading, while gold hit $1,000 for the first time. European and Asian stocks earlier closed lower, with the UK's main FTSE 100 index finishing down 84 points to 5,692.
Germany's Dax lost 1.5%, France's Cac gave up 1.4%, and Japan's Nikkei closed down 3.3%.
Retail woes
US stocks had fallen upon opening after the price of a barrel of benchmark US light crude oil passed $110, while gold hit $1,000 for the first time.
We are entering dollar crisis mode Currency economist Derek HalpennyWe are entering dollar crisis mode Currency economist Derek Halpenny
Economic concerns and the weak dollar overshadowed Tuesday's announcement that central banks would inject more than $200bn (£98bn) into money markets to ease the credit crunch and stimulate lending.
US investor sentiment was further hit by official figures showing a larger than expected fall in American retail sales in February.US investor sentiment was further hit by official figures showing a larger than expected fall in American retail sales in February.
However, there was some good news as credit rating agency Standard & Poor's said the end was in sight for bad mortgage debt write-downs. However, the good news that lifted shares towards the end of the day came from credit rating agency Standard & Poor's, which said the end was in sight for bad mortgage debt write-downs.
"The dollar will remain the dominant factor until the Federal Reserve meeting next Tuesday," said analyst Olivier Jakob of Petromatrix."The dollar will remain the dominant factor until the Federal Reserve meeting next Tuesday," said analyst Olivier Jakob of Petromatrix.
"But oil will also have to balance with equities under the pressure of more credit hedge funds going belly-up.""But oil will also have to balance with equities under the pressure of more credit hedge funds going belly-up."
The UK's main FTSE 100 index closed down 84 points, or 1.5%, at 5,692.
Germany's Dax lost 1.5%, France's Cac gave up 1.4%, and Japan's Nikkei closed down 3.3%.
"We are entering dollar crisis mode," said Derek Halpenny, currency economist at BTM-UFJ in London."We are entering dollar crisis mode," said Derek Halpenny, currency economist at BTM-UFJ in London.
"Looking at the markets there is a complete loss of confidence and that's because the markets are concerned over the US financial sector and ultimately what the Federal Reserve will be forced to do to support that sector.""Looking at the markets there is a complete loss of confidence and that's because the markets are concerned over the US financial sector and ultimately what the Federal Reserve will be forced to do to support that sector."