Friday, March 13, 2009

On the global front: Wall Street surges; Dow ends 240 points up followed by Asia trading higher; Nikkei up 4.4%.

US markets surged on relief that a ratings cut by S&P in General Electric was just one notch and that no further cuts loomed, while retail sales data showed some stabilization in consumer spending. Wall Street closed out its best three-day run since the end of November after GE jumped nearly 13% as investors digested S&P's move to slash GE's credit rating to AA+ from AAA+ amid concerns about its GE Capital unit and changed the company's outlook from negative to stable.


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