US stock markets in hesitation

US stock markets in hesitation
# 15 December 2008 08:45 (UTC +04:00)
Baku. Vahab Rzayev - APA-Economics. The U.S. stock markets rallied on Friday. With the Dow Jones industrial average - down at one point more than 200 points - closing up 64.59 points, or 0.75 per cent, to 8,629.68. For the week, the Dow was virtually unchanged losing 5.74 points. The S&P 500 was up 6.14 points, or 0.7 per cent, to 879.73, while the Nasdaq composite index climbed 32.84 points, or 2.18 per cent, to 1,540.72.
The proposed $14 billion auto industry bailout plan collapsed in the Senate on Friday.
The Senate voted 52-35 to bring the measure for a vote, but that was short of the 60 votes needed to advance the legislation.
The failed talks could possibly doom General Motors to bankruptcy and closure in the coming weeks.
GM has hired lawyers and restructuring consultants to handle any potential bankruptcy filing, according to a report in the Wall Street Journal.
European stock exchanges closed sharply lower on Friday with London’s FTSE-100 down 108.34 points or 2.47 per cent to finish at 4,280.35.
The DAX lost 103.83 points, or 2.18 per cent to close at 4,663.37.
The CAC 40 was down 92.58 points, or 2.80 per cent, to 3,213.60 points.
Japan’s Nikkei stock index closed down 5.56 per cent on Friday after the US Senate failed to pass a rescue plan for ailing automakers, raising fears of fresh turmoil on Wall Street.
The Nikkei dropped 484.68 points to 8,235.87.