Global markets surge in value

Monday, October 13, 2008

Markets worldwide have surged in value following efforts by governments to ease the effect of the ongoing financial crisis, which has recently caused a massive decline in the value of stock markets.

On Sunday, the fifteen countries from the Eurogroup – that is, those countries which use the euro as official currency – had agreed on a joint plan to face the crisis, which would consist in supporting financial institutions and by guaranteeing interbank loans.

The Eurogroup meeting was the last of many which took place during the weekend. The G7 nations had met in Washington at the same time that the International Monetary Fund and the World Bank held their Autumn meetings.

The Dow Jones Industrial Average index is one of the indexes that have done particularly well today, and it closed up 11.08%, well over 9,000 points. General Motors was the best performer in this index, with its value rising by 31.49%. The Nasdaq rose by 11.81%.

The FTSE 100 has today gone up in value by 8,26%, to take the index back over the four thousand mark. TUI Travel was the best performing company in this index. It went up by 41.25 points (21.48%), to take it to a new share price of 233.25. Some shares in the FTSE, however, have continued to fall dramatically. HBOS today dropped in value by 31.48%.

The Brazilian Bovespa index today went up by 14,66%, while the Hang Seng and Singapore Straits Times went up by 10.24% and 6.57% respectively.

Stocks exchanges in Tokyo, Buenos Aires and Toronto were closed due to national holidays.