Dow Jones up 3% by 335 points in early trading
19 September 2008 16:11 [Source: ICIS news]
HOUSTON (ICIS news)--The Dow Jones Industrial Average shot up 3% by 335 points in early trading on Friday following a week of market volatility.
The rise in the closely watched index came as the federal government was considering plans to address the nation's financial crisis.
Among chemicals, Dow Chemical traded at $37.25 (€26.08), up 8.13%. DuPont traded at $47.07, up 2.46%.
Celanese was trading at $32.36/share, up 0.69%. Eastman Chemical traded at $60.85, up 1.21%.
The stock market has veered widely during the week - on news that Lehman Brothers filed for bankruptcy protection, Merrill Lynch was sold to Bank of America, and insurer American International Group (AIG) was being bailed out by the Federal Reserve (Fed).
On Thursday, the Dow Jones gained more than 400 points following the initial media reports of the US government's possible intervention into financial markets.
The Wall Street Journal described the proposal as the largest intervention since the Great Depression.
($1 = €0.70)
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