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World markets hit by credit woes Markets mixed on credit concerns
(about 5 hours later)
US markets were mixed in early Friday trading as fears remained about the full impact of the sub-prime crisis on the economy. US markets ended higher but European shares dropped, amid fears that worst of the credit crisis may not be over.
The Dow Jones index, which lost 2.6% on Thursday, slipped a further 0.4%, but the tech-heavy Nasdaq was up 0.5%. The Dow Jones index, which fell earlier on Friday after Thursday's 2.6% drop, rose after strong employment data for October, edging up 0.20% to 13,595.10.
The Nasdaq added 0.56% to end at 2,810.38, while Standard & Poor's 500 Index gained 0.08% at 1,509.65.
But European stocks ended lower - the FTSE 100 lost 0.8%, France's CAC 40 lost 0.2% and Germany's Dax shed 0.4%.
Earlier, Asian shares took a hammering with Japan's Nikkei index losing 2.1%, while Hong Kong's Hang Seng fell 3.3%.Earlier, Asian shares took a hammering with Japan's Nikkei index losing 2.1%, while Hong Kong's Hang Seng fell 3.3%.
In Europe, the FTSE 100 fell 1% while Germany's Dax lost 0.7% and France's Cac-40 slid 0.4%.
Analysts said US figures released on Friday indicated that the economy was weathering woes in both the housing and credit markets.Analysts said US figures released on Friday indicated that the economy was weathering woes in both the housing and credit markets.
Figures from the US Labor Department showed that 166,000 jobs had been created in October, while the Commerce Department said new orders at US factories unexpectedly rose by 0.2% in September, boosted by gains in machinery and computer orders.Figures from the US Labor Department showed that 166,000 jobs had been created in October, while the Commerce Department said new orders at US factories unexpectedly rose by 0.2% in September, boosted by gains in machinery and computer orders.
Oil nervesOil nerves
European and Asian shares had earlier fallen - largely on the back of Thursday's Wall Street losses.European and Asian shares had earlier fallen - largely on the back of Thursday's Wall Street losses.
There were also concerns that US interest rates might not drop further after the Federal Reserve warned of inflationary risks after its latest cut.There were also concerns that US interest rates might not drop further after the Federal Reserve warned of inflationary risks after its latest cut.
The price of oil, which climbed above $96 a barrel on Thursday and was trading at about $93.50 on Friday, had also made investors nervous, analysts said.The price of oil, which climbed above $96 a barrel on Thursday and was trading at about $93.50 on Friday, had also made investors nervous, analysts said.
Elsewhere, shares in Shanghai shed 2.3%, Australian stocks dropped 1.9% and Singapore's leading index fell back 2.5%.Elsewhere, shares in Shanghai shed 2.3%, Australian stocks dropped 1.9% and Singapore's leading index fell back 2.5%.
The BBC Global 30, which tracks stocks worldwide, slipped 0.9%, having fallen 1.6% on Thursday.The BBC Global 30, which tracks stocks worldwide, slipped 0.9%, having fallen 1.6% on Thursday.