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Article: Australian Market Report of November 24: Surge Amid Bear Market
- Article from:
- abnnewswire.net
- Article date:
- November 24, 2008
- Author:
CopyrightCopyright 2008 ABN Newswire. (Hide copyright information)
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US share rebounded strongly on Friday after two days of selling that pushed the main indexes to five-years lows. Wall Street surged on hopes that Mr. Obama could plan a massive stimulus program to stop the US economy's slide into recession.
The Australian stock market staged a late rally on last Friday, with the benchmark S&P/ASX200 index closing up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index gained 54.3 points, or 1.63 per cent, to 3,386.9. Market is struggling to recover with some "bear market rally" although the fundamental problems remain. Analysts said the recent fluctuation is because of uncertainty and the political factors are important at this ...