|12-01-2009, 05:47 AM||#1|
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USD/JPY reverses sharply, Stocks Present a Lackluster Session
Even though the major indices lost their steam throughout the session, they quickly snapped back towards the final hour, as fresh news came out regarding the Dubai situation. According to Bloomberg news, Dubai world is now engaging in restructuring its financial debt with banks, in order to prevent a major downfall. Furthermore, the debt is now expected to reach only $26 billion, compared to rumors of $60 billion.
On the AMEX, the sectors traded mixed with the Financials soaring higher. The major impact came from banks, as they managed to rebound from the previous session’s fall. The S&P500 finished the session with a gain of 0.77%, while the Nasdaq closed with a 0.29% gain.
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