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US stocks lifted by bank results Oil shares drag down Wall Street
(40 minutes later)
US stocks rose in early Wednesday trading after investors' mood was lifted by better than expected results from investment bank Morgan Stanley. Wall Street's main share indexes fell on Wednesday, dragged down by weaker US oil stocks.
Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank. Exxon Mobil fell 1.8% and Chevron lost 2% after crude oil fell by $5 a barrel, on worries over the outlook for the US economy, the world's biggest oil user.
By 1540 GMT, Wall Street's main Dow Jones index was up 28 points or 0.2% to 12,418, the Nasdaq was up 0.3%. But bank shares were higher, lifted by better-than-expected results from investment bank Morgan Stanley.
London's main index was down slightly but in Paris and Frankfurt shares were slightly higher. By 1639 GMT, the Dow Jones industrials average was down 68 points or 0.6% at 12,324. The Nasdaq also fell 0.6%.
London's FTSE 100 index was down 1%, Frankfurt's Dax was down 0.3% and in Paris the Cac 40 was down 0.5%.
Additional fundsAdditional funds
Despite Morgan reporting a 42% drop in first-quarter profits, analysts had expected much worse from the bank.
Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans.Analysts said US investor confidence was further lifted by US Treasury Secretary Henry Paulson's announcement that changes to government-backed mortgage providers Fannie Mae and Freddie Mac would release an additional $200bn (£100bn) for the financing of home loans.
US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve.US stocks were also helped by Tuesday's latest interest rate cut from the Federal Reserve.
Yet despite the rises, analysts said market turbulence could continue for some time.Yet despite the rises, analysts said market turbulence could continue for some time.
Watchdog investigationWatchdog investigation
In London, the FTSE 100 was down 15 points or 0.2% to 5,592 by 1540 GMT.In London, the FTSE 100 was down 15 points or 0.2% to 5,592 by 1540 GMT.
The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS.The UK stocks news was dominated by sharp losses to banking stocks, led by HBOS.
The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares.The declines led to the UK market watchdog, the Financial Services Authority, announcing that it was looking into whether rumours had been deliberately spread to undermine bank shares.
Officials at the Bank of England denied that any UK banks were in trouble.Officials at the Bank of England denied that any UK banks were in trouble.
Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase.Concerns about the financial strength of banks were strengthened last week when the fourth-largest corporate lender in the US, Bear Stearns, needed emergency funds before being bought by rival JP Morgan Chase.