Europe Stocks Bounce Back After 1 year Low
Stocks have now recovered from the previous losses incurred and closed a bit higher on Thursday after US President Barack Obama’s speech on financial reform had some good news.
Reports show that the Dow Jones industrial average increased to about 9 points after being down as much as 108.
Earlier in the day, the market fell quite a bit as a result of Greece’s continuing debt problems, and also the fears that Obama would announce some big restrictions on banks. Thankfully, the President didn’t announce anything related to these fears and this meant good news for the stocks – they jumped back up.
According to Reuters: “European shares are expected to bounce back on Friday after sharp declines in the previous two sessions, with a late recovery in U.S. stocks overnight seen prompting investors to buy equities”
In a speech in New York, President Obama said that the economy is in a process of quick recovery but the progress needs to be felt a lot more among the millions of unemployed Americans. In addition to this, he blamed Wall Street for giving the country a push into recession.
Ben Potter, research analyst at IG Markets said: “Despite resurgent concerns over Greek debt, Wall Street managed to put in a steady day of gains yesterday leaving the major indices to finish back in positive territory.”
