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US stocks slide on housing data | |
(about 3 hours later) | |
Leading US shares ended the week lower, after figures showed a sharper-than-expected fall in the construction of new homes for September. | |
The Dow Jones industrial average closed 127 points or 1.4% down at 8,852,22 after a volatile session. But for the week the index ended 4.8% higher. | |
European indexes fluctuated wildly all week but closed near highs for the day. | |
The FTSE 100 closed up 5.2%, while Germany's Dax index was up 3.4% and France's Cac 40 ended up 4.7%. | The FTSE 100 closed up 5.2%, while Germany's Dax index was up 3.4% and France's Cac 40 ended up 4.7%. |
It comes at the end of a week of rallies and slumps, unseen since the crash of 1987. | It comes at the end of a week of rallies and slumps, unseen since the crash of 1987. |
The FTSE 100 gained 3.3% in the week, while the Dax rose 5.5% and the Cac 40 gained 4.8%. | The FTSE 100 gained 3.3% in the week, while the Dax rose 5.5% and the Cac 40 gained 4.8%. |
Rallies and slumps | Rallies and slumps |
Stock markets have been rising and falling all week as investors try to decide how severe the global economic downturn will be. | Stock markets have been rising and falling all week as investors try to decide how severe the global economic downturn will be. |
President George Bush says the US rescue plan needs time to work | President George Bush says the US rescue plan needs time to work |
"This is the most volatile week we've seen," said Thierry Lacraz, strategist at Swiss bank Pictet in Geneva. | "This is the most volatile week we've seen," said Thierry Lacraz, strategist at Swiss bank Pictet in Geneva. |
"The sole intelligent thing is to remain on the sidelines and not make any huge bets." | "The sole intelligent thing is to remain on the sidelines and not make any huge bets." |
In his latest effort to reassure the markets, US President George W Bush told the US Chamber of Commerce it would take time for his administration's financial rescue plan to work. | In his latest effort to reassure the markets, US President George W Bush told the US Chamber of Commerce it would take time for his administration's financial rescue plan to work. |
"It took a while for the credit system to freeze up, it's going to take a while for the credit system to thaw," he said, adding that the rescue moves were "big enough and bold enough to work". | "It took a while for the credit system to freeze up, it's going to take a while for the credit system to thaw," he said, adding that the rescue moves were "big enough and bold enough to work". |
| Among other developments:
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Also on Friday, the investor Warren Buffett said he had been moving all of his own money into US shares. | Also on Friday, the investor Warren Buffett said he had been moving all of his own money into US shares. |
"If prices keep looking attractive, my non-Berkshire net worth will soon be 100% in United States equities," he wrote in the New York Times. | "If prices keep looking attractive, my non-Berkshire net worth will soon be 100% in United States equities," he wrote in the New York Times. |
"Fears regarding the long-term prosperity of the nation's many sound companies make no sense," he said in the article, titled: "Buy American, I am". | "Fears regarding the long-term prosperity of the nation's many sound companies make no sense," he said in the article, titled: "Buy American, I am". |