Wall Street holds gains after volatile sessions

11:32, May 22, 2010      

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Wall Street rose for the first time in four days on Friday after a three-day plunge, as the market gained some clarity on financial regulation and European bailout.

Friday's big swing came after a three-day heavy sell-off, dragging the Dow down almost 600 points and sending major indexes in "correction" territory, as investors worried that the debt crisis in Europe will bring the global economic growth to a halt.

Major indexes opened sharply lower on Friday, with the Dow plunging below 10,000 and broader indexes tumbling about 1.5 percent, as concerns over global economic growth persist.

However, the steep losses were quickly erased as euro gained strength after German lawmakers approved the country's portion of the nearly 1-trillion-dollar euro-zone rescue package.

In addition, the U.S. Senate passed an extensive overhaul of financial markets regulation late Thursday, giving investors a little better idea of what the financial reform is going to look like, although the fate of several key provisions, notably the derivatives activities of banks, still need to be hashed out when the House and Senate meet to combine their respective bills.

The Labor Department said Friday that 34 states and the District of Columbia reported lower jobless rates in April as companies are starting to boost hiring as their sales and profits improve.

Nationwide, employers added a net 290,000 job in April, the most in four years, the department reported earlier this month.

The Dow Jones industrial average rose 125.38, or 1.25 percent, to 10,193.39. The Standard & Poor's 500 index gained 16.10, or 1. 50 percent, to 1,087.69 and the Nasdaq rallied 25.03, or 1.14 percent, to 2,229.04.

Source: Xinhua


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