UpdateUS stocks rise 936.42 pts, best day ever

13 October 2008 22:19  [Source: ICIS news]

(Adds new first paragraph, updated numbers)

HOUSTON (ICIS news)--US stocks rose 936.42 points to close on Monday at 9,387.61 in their best day ever, on news that banks worldwide are cooperating to resolve the global credit crisis.

At a meeting in Paris over the weekend, leaders of the 15-member eurozone agreed to guarantee inter-bank lending until the end of 2009 and said they would recapitalise them through buying preference shares.

Following news of the agreement, the Dow Jones Industrial Average (DJIA) rose 11.08% to close above 9,000 points. Last week, the average fell below 8,000 in intraday trading.

Among chemicals traded on the New York Stock Exchange, WR Grace posted some of the largest gains, trading at $10.58/share (€7.83/share) up nearly 24%. Terra Industries traded at $23.94/share, up 20.73%

Dow Chemical traded at $25.98/share, up 6.48%. DuPont was at $37.06, up 10.96.

Nearly all chemical stocks traded higher on Monday. PolyOne was one of the few losers, trading at $4.99/share, down 0.20%.

Overall, Monday's performance followed a massive drop in in stocks last week. On Friday, the Dow Jones closed at 8,451.19, ending the week down 15.5%.

($1 = €0.74)

Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
To discuss how the financial crisis is affecting the chemicals industry visit this thread on ICIS connect

By: Al Greenwood
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