Stocks are set to head northward today, building on the previous session's sharp rally, as governments worldwide turned on the faucet, pouring cash into the financial system.
On Monday, the US government agreed to take $25 billion stakes in several big banks in a bid to shore up the banking system and arrest the financial crisis. The move follows pledges by the governments of Britain, Germany, France and other European countries of more than 1 trillion euros to bolster their own banks.
Asian markets joined the global party. After plunging 24 per cent last week, the Nikkei share average soared 12.4 per cent on Tuesday after a holiday on Monday. Australia's S&P/ASX 200 rose 5.9 per cent after posting its biggest daily gain since October 1997 on Monday. Hong Kong's Hang Seng surged 2.72 per cent, Singapore's Straits Times climbed 5.12 per cent and South Korea's Kospi jumped 4.25 per cent.
Tuesday, October 14, 2008
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