Wall Street futures swung from losses to trade over 2% higher. European markets pushed higher after starting the day sharply lower. Germany's DAX rose 1.5% to 9,059 and Britain's FTSE 100 was flat at 5,190. In Paris, the CAC 40 rose 1% to 4,087.
In the U.S., top-level negotiations between Congress and the White House continued after the Senate voted against advancing a nearly $2 trillion economic rescue package. Another vote was expected Monday. South Korea's Kospi lost 5.3% to 1,482.46. Hong Kong's Hang Seng index shed 4.9%, to 21,696.13, while the Shanghai Composite index slipped 3.1% to 2,660.17. The Nikkei closed at 16,887.78.
Shutdowns mean less demand for oil. U.S. crude has dropped about 21%, dipping below $20 a barrel last week for the first time since February 2002. On Monday, benchmark crude was revived by news of the Fed aid. It was down 79 cents at $23.42 per barrel in electronic trading on the New York Mercantile Exchange.
Investors have continued to seek safety in U.S. government bonds, driving their yields broadly lower. The 10-year Treasury yield, which influences interest rates on mortgages and other consumer loans, slid to 0.74% Monday from 0.94% late Friday.
That wont last long once they find out they were decieved as usual
Well that’s good news, eh ? The worst is over, eh ?
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