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U.S. stocks soar, Dow ends up 391 points, Nasdaq 84
St Petersburg News.Net
Tuesday 1st April, 2008
Stocks surged on Tuesday pushing the Dow Jones index up nearly 400 points.
The U.S. dollar also made strong gains.
At the close of trading the Dow Jones Industrials were up 391.47 points or 3.19% at 12,654.36.
The tech-laden Nasdaq Composite was ahead 83.65 points or 3.67% at 2,362.75.
The Standard and Poor's 500 had climbed 47.47 points or 3.59% to 1,370.17.
Investors were undeterred by a huge write-down announced during the day by giant Swiss Bank, UBS, which said it was taking a further hit of $19 billion. Shares in the bank rose sharply with analysts saying it was because investors believed the worst was now behind the bank.
Lehman Bros. stock was up sharply after it raised fresh capital of $4 billion.
The dollar rose against all currencies. Around the New York close the euro was quoted at 1.5595. The Japanese yen was off sharply at 101.96, while the Swiss franc wilted to 1.0135.
The British pound fell to 1.9758.
The Australian dollar fell in line with a sell-off in commodities. It was last quoted at .9064.
The Canadian dollar was little changed at 1.0214.
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