US stocks up slightly, but Europe surges
27-01-2009
Banks helped catapult London's FTSE 100 to a 3.9-percent gain, as Barclays sky-rocketed after saying it would not need fresh capital. Barclays soared more than 73 percent after the bank said it wasn't seeking extra funds because it was still profitable and could absorb a 2008 writedown of 8-billion pounds. Banks across Europe also joined the rally. As a result, European stock markets surged. In Paris, the CAC 40 added 3.73 percent while the Frankfurt Dax climbed 3.54 percent. US stocks also rose in choppy trade, lifted by a surprising gain in existing home sales and optimism over a 68-billion dollar takeover in the drug industry. The Dow broke a two-day losing streak, finishing 38-points up, or almost half a percent. The Standard & Poor's 500 Index rose just over half a percent while the Nasdaq finished just over point-eight of a percent up.
