News / Economy

    Global Stocks Recover Somewhat After Wild Week of Trading

    A broker is seen checking his screens at the stock market in Frankfurt, Germany, Jan. 21, 2016.
    A broker is seen checking his screens at the stock market in Frankfurt, Germany, Jan. 21, 2016.
    VOA News

    U.S. and European stock prices rebounded Thursday after the head of the European Central Bank raised hopes for some additional economic stimulus.

    Oil prices also rose above $29 a barrel.

    At the close of New York trading, the S&P 500 had advanced half a percent, the NASDAQ had risen two-tenths of a percent and the Dow Jones industrial average gained seven-tenths of a percent.  

    Stocks had been on pace for much larger gains earlier in the day. The Dow was up 272 points shortly after noon, which would have canceled out Wednesday's loss.

    London's FTSE advanced nearly 1.8 percent Thursday, the CAC 40 in Paris was up 1.9 percent and the DAX rose almost 2 percent.

    Earlier, Asian markets swung wildly but were down at the close, continuing their recent slide over concerns about plummeting oil prices, slowing economic growth in China and the global economy. Tokyo's market was off nearly 2.5 percent, Shanghai dropped over 3 percent and Hong Kong ended down nearly 2 percent.

    Euro down

    European Central Bank head Mario Draghi said the ECB would consider using more stimulus measures at its next meeting in March as it tries to bolster the European economy. The prospect of more stimulus sent the euro down to $1.0875 from $1.0894 late Wednesday.

    The ECB has been buying government-backed bonds as part of its efforts to stimulate the region's economy. Yields on 10-year bonds issued by European countries dropped following Draghi's remarks. That suggests investors expect government bond prices to rise further.

    The oil price rise came a day after U.S. crude took its biggest one-day loss since September. Energy stocks have crumbled as the price of oil has fallen from $100 a barrel in mid-2014. The price of oil is the lowest it's been since 2003.

    Some information for this report came from AP.

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    Comment Sorting
    by: Marcus Aurelius II from: NJ USA
    January 21, 2016 11:30 AM
    China's house of cards economy is collapsing. Russia's currency is in free fall. All of those who placed bets on China growing forever are losing big. Those who bet on expensive oil and gas are losing big.

    Why is China's economy seeming to collapse? The answer is simple. The economic engine that drives the world is the US economy and it is 70% based on consumer purchases. American industry has done everything within its power to bankrupt American consumers. They moved their jobs and factories off shore, they made financial transactions that were once illegal, legal by buying all of the politicians. They even got Americans to pay for their blunders resulting in the wake of the deregulation they demanded.

    Now with the American consumer just trying to survive, the engine that drive China's economy has stalled out. American industry did it to itself. It was a matter of short term greed of individuals versus long term prosperity for Americans and for the American nation. If any of them have any brains left at all, they will bring their jobs back to the US and pay American wages, manufacture under American laws that protect workers, consumers, and the environment. If they don't, they're doomed.

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