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| Version 3 | Version 4 |
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| Buying spree sees US stocks soar | Buying spree sees US stocks soar |
| (10 minutes later) | |
| A late share-buying spree has seen the Dow Jones index in New York close up more than 10%. | A late share-buying spree has seen the Dow Jones index in New York close up more than 10%. |
| It came after European shares had also closed higher, regaining some of the ground lost in previous sessions. | It came after European shares had also closed higher, regaining some of the ground lost in previous sessions. |
| The Dow closed ahead 889.35 points, or 10.88% at 9065.12. The tech-based Nasdaq also closed up 9.538%, and the broader S&P 500 was ahead 10.79%. | |
| Analysts said investors were buying in anticipation that the Federal Reserve would cut interest rates on Wednesday. | Analysts said investors were buying in anticipation that the Federal Reserve would cut interest rates on Wednesday. |
| Some believe the US central bank will cut its key Fed fund rate by half a point to 1%. | |
| Others have put the increase down to shares having fallen too low, with the opinion that stock prices had finally touched bottom. | |
| Earlier, in London, the FTSE closed up 73.79 points, or 1.9%, at 3,926.38 while in Paris the Cac 40 gained 47.57 points, or 1.6%, to end at 3,114.92. | Earlier, in London, the FTSE closed up 73.79 points, or 1.9%, at 3,926.38 while in Paris the Cac 40 gained 47.57 points, or 1.6%, to end at 3,114.92. |
| Frankfurt's Dax rose 485.81 points, or 11.3%, to 4,823.45. Earlier, Asian markets finished up after a late rally. | Frankfurt's Dax rose 485.81 points, or 11.3%, to 4,823.45. Earlier, Asian markets finished up after a late rally. |
| VW rallies | VW rallies |
| In Germany, the Dax was mainly boosted by Volkswagen, whose shares have soared since Porsche announced on Sunday that it had upped its VW stake. This has caused investors to scramble for the remaining VW shares in the market. | In Germany, the Dax was mainly boosted by Volkswagen, whose shares have soared since Porsche announced on Sunday that it had upped its VW stake. This has caused investors to scramble for the remaining VW shares in the market. |
| As a result, VW - Europe's largest carmaker - was the clear winner on the German index, finishing the day up 81.7% at 893.14 euros. | As a result, VW - Europe's largest carmaker - was the clear winner on the German index, finishing the day up 81.7% at 893.14 euros. |
| BASF and engineering group Linde also had a strong day, finishing at 20.57 euros and 53.10 euros respectively. | BASF and engineering group Linde also had a strong day, finishing at 20.57 euros and 53.10 euros respectively. |
| In London, well-received results from BP and Aviva helped to lift investor sentiment and pushed the index up, while French markets were boosted by the possible rate cut by the Federal Reserve. | In London, well-received results from BP and Aviva helped to lift investor sentiment and pushed the index up, while French markets were boosted by the possible rate cut by the Federal Reserve. |
| Steady gains | Steady gains |
| On Wall Street, shares in Boeing were up in afternoon trading on news the firm had agreed a tentative deal to end a strike by its biggest union. | On Wall Street, shares in Boeing were up in afternoon trading on news the firm had agreed a tentative deal to end a strike by its biggest union. |
| The strike is the longest the planemaker's plants have seen in 13 years, and revenue losses from the action are estimated at $100m (£64m) a day. | The strike is the longest the planemaker's plants have seen in 13 years, and revenue losses from the action are estimated at $100m (£64m) a day. |
| The strong closing figures from Wall Street came despite US consumer confidence falling to a record low in October, as homes were repossessed and firms laid off workers. | The strong closing figures from Wall Street came despite US consumer confidence falling to a record low in October, as homes were repossessed and firms laid off workers. |
| The US Conference Board said the monthly consumer confidence index fell to 38, down from a revised 61.4 in September and below analysts' expectations of 52. | The US Conference Board said the monthly consumer confidence index fell to 38, down from a revised 61.4 in September and below analysts' expectations of 52. |
| It is the lowest since the board began tracking consumer sentiment in 1967. | It is the lowest since the board began tracking consumer sentiment in 1967. |
| Asian markets | Asian markets |
| Earlier in Japan, the Nikkei 225 dropped below 7,000 points for the first time in 26 years, but later recovered to close up 459.02 points or 6.4% at 7,621.92. | Earlier in Japan, the Nikkei 225 dropped below 7,000 points for the first time in 26 years, but later recovered to close up 459.02 points or 6.4% at 7,621.92. |
| Japanese authorities said that to stabilise markets, they would bring forward a ban on traders selling shares that they did not already own. | Japanese authorities said that to stabilise markets, they would bring forward a ban on traders selling shares that they did not already own. |
| Shares in exporters were helped by a sharp fall in the value of the Japanese yen against the US dollar. | Shares in exporters were helped by a sharp fall in the value of the Japanese yen against the US dollar. |
| The yen has been appreciating against the dollar recently, but on Tuesday, its value fell to 95.51 yen to the dollar from 93.01. | The yen has been appreciating against the dollar recently, but on Tuesday, its value fell to 95.51 yen to the dollar from 93.01. |
| Other Asian economies also had late rallies and clawed back some of their earlier losses. | Other Asian economies also had late rallies and clawed back some of their earlier losses. |
| Hong Kong's Hang Seng closed up 14.4%, which was its biggest daily percentage gain for 11 years. It followed a 12.7% decline on Monday. | Hong Kong's Hang Seng closed up 14.4%, which was its biggest daily percentage gain for 11 years. It followed a 12.7% decline on Monday. |
| Even after Tuesday's gains, the Nikkei and Hang Seng have fallen more than 30% since the beginning of the month. | Even after Tuesday's gains, the Nikkei and Hang Seng have fallen more than 30% since the beginning of the month. |
| South Korea's Kospi index initially dropped 2.6%, but later rose to finish 5% up on the day. | South Korea's Kospi index initially dropped 2.6%, but later rose to finish 5% up on the day. |