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US market indices rally while European indices drop

25 February 2009 07:59 (UTC +04:00)

Baku. Vahab Rzayev - APA-Economics. Wall Street shares roared higher Tuesday a day after key indexes fell to 12-year lows, as investors shrugged off economic gloom ahead of a key speech from President Barack Obama, AFP reported.
The blue-chip Dow Jones Industrial Average vaulted 236.16 points (3.32 percent) to close at 7,350.94, a day after sliding to its lowest level since 1997.
The tech-heavy Nasdaq composite leapt 54.11 points (3.90 percent) to 1,441.83 and the Standard & Poor’s 500 broad-market index rallied off its 1997 lows with a gain of 29.81 points (4.01 percent) to 773.14.
onds were mixed. The yield on the 10-year US Treasury bond rose to 2.799 percent from 2.777 percent on Monday while that on the 30-year bond dropped to 3.494 percent from 3.525. Bond yields and prices move in opposite directions.
Wall Street’s rally came despite further weakness in Europe.
London’s FTSE 100 index lost 0.89 percent, while the Frankfurt DAX fell 1.03 percent and in the Paris the CAC 40 slipped 0.73 percent.
Banks and insurers mostly led the fall because of investor worries over the future of the financial sector, with Switzerland’s Credit Suisse losing 3.46 percent and Spain’s Santander falling 2.89 percent.