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US markets recover while oil prices plunge

17 October 2008 09:18 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Stocks slid early after manufacturing data heightened fears about the depth of a likely recession. US industrial production declined by 2.8 per cent in September, the biggest contraction since the wake of the 1973 to 1974 oil embargo, the Federal Reserve reported just before the opening bell.
The Dow Jones Industrial Average closed up 401.35 points, or 4.68 per cent, to 8979.26, recovering more than half its 733-point loss from the previous session. The Dow is up 6.3 per cent for the week after a record point gain on Monday.

The broad Standard & Poorâ€™s 500 added 38.59 points, or 4.25 per cent, to 946.43, for its fourth biggest percentage increase this year a session after its biggest plunge since October 19, 1987. The technology-oriented Nasdaq Composite rose 89.38 points, or 5.49 per cent, to 1717.71, its second biggest percentage gain of the year.
In Europe, the London FTSE 100 index fell 5.35 per cent to close at 3861.39, while in Paris the CAC-40lost 5.92 per cent to finish at 3181. The Frankfurt DAX closed down 4.91 per cent at 4622.81.

Both of Russiaâ€™s main stock markets dropped more than 9 per cent. The headline index on the US dollar-denominated RTS exchange shed 9.52 per cent to close at 713.90, while the benchmark index on the rouble-denominated MICEX market dropped 9.11 per cent to close at 626.85.