Shares Flourish On Obama Hope ; Market Report
Summary
SKY high hopes that January's dire US jobs data would speed up Washington's approval of President Obama's $937bn economic stimulus package to contain the credit crisis, helped share prices on both sides of the Pond end the week with a flourish. The Footsie jumped 101 points before closing 62.94 points better at 4,291.87, while the FTSE 250 soared 170.52 points to 6,561.67 and Wall Street jumped 197 points in the early stages.
The plight of the world's biggest economy, which is losing jobs at an alarming rate, was laid bare yet again. US employers slashed 598,000 jobs in January, the deepest cut in payrolls in 34 years and follows December's drop of 577,000. The national unemployment rate shot up to 7.6pc from 7.2pc, the highest level in more than 16 years.See the full content of this document
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Shares Flourish On Obama Hope ; Market Report
One shocked American fund manager said:'It gets worse and worse. The economy is falling into oblivion. What this number does is sharpen Obama's attack, letting him say we have to act no...
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