US stocks rising amid volatile trading, up 0.6%

07 October 2008 16:14  [Source: ICIS news]

HOUSTON (ICIS news)--US stock markets started to rebound after a volatile bout of opening trades on Tuesday morning.

The Dow Jones Industrial Average rose to 10,011 points as of 14:30 GMT, up by 0.6% from Monday’s close of 9,955.

The climb came after an initial bout of buying brought the index up to 10,124 points before turning into a short selling spree.  

There was fresh news of the strain on financial institutions. Banc of America stock dropped by nearly 14%, to $27.80/share (€20.57/share) on the New York Stock Exchange (NYSE) after the company announced it would slash its dividend and seek $10bn in capital.

Overall, the chemical manufacturing component of the S&P 500 index was down by more than 5% so far this week.

Individual issues were mixed on Tuesday. Huntsman was down by 1% to $9.84/share, while Dow Chemical was up 1% to $29.65/share.

($1 = €0.74)

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By: Ben Lefebvre
+1 713 525 2653

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