The Dow Jones Industrial Average closed last night up 247 as investors re-evaluated the Fed's position. A letter to Sen. Charles Schumer from Federal Reserve Chairman Ben Bernanke pledging to "act as needed" to help the economy (read cutting Fed Funds Rate) should the problems in the credit market start to affect the wider economy.
The Hang Seng Index rose 463 to close at 23,483 with turnover of HK$95.87 billion. China Construction Bank was outstanding and rose to an all-time high of HK$6.30 before closing off the day's high. All in all, it appears that investors have got their nerve back and started bargain hunting.
Market Indices
Hong Kong Hang Seng: 23,484.54 +2.02%
Japan Nikkei: 16,153.82 +0.88%
Shanghai Composite: 5,167.88 +1.14%
Singapore STI*: 3,342.28 +0.23%
South Korea Composite: 1,841.70 +0.85%
Taiwan Weighted: 8,771.21 +1.48%
*Intraday trading
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