A roundup of trading on major world markets:
NEW YORK – US stocks made slight gains on Monday, after an exuberant early rally sparked by the apparent downfall of Libyan ruler Muammar Gaddafi gave way to gloom over the US economy.
The Dow Jones Industrial Average gained 37.00 points (0.34 per cent) to 10,854.65.
The broader S&P 500 edged up 0.29 point (0.03 per cent) to 1,123.82, while the tech-heavy Nasdaq Composite rose 3.54 points (0.15 per cent) to close at 2,345.38.
News that Libya’s six-month rebellion was on the verge of toppling Gaddafi, with rebels capturing central Tripoli, propelled the Dow more than 1.8 per cent higher in early trading.
US stock markets have fallen for four consecutive weeks amid fears of a new economic slowdown in the United States and fallout from Europe’s debt crisis, with the Dow dropping four per cent last week.
Bank of America shares plunged 7.9 per cent amid reports that its proposed $8.5 billion settlement for losses on mortgage-backed securities might be falling apart.
Bond prices fell slightly. The yield on the 10-year Treasury note climbed to 2.09 per cent from 2.07 per cent late Friday, while that on the 30-year bond rose to 3.40 per cent from 3.39 per cent.
LONDON – Stocks rose in Europe as investors eyed a quick return of Libyan oil to the market after an imminent defeat of Muammar Gaddafi, while Asian indices were mostly down.
Most European stock markets rebounded, with London’s FTSE 100 climbing 1.08 per cent to 5,095.3 points. In Paris, the CAC 40 rose 1.14 per cent to 3,051.36 points, while in Frankfurt the DAX ended down slightly, dipping 0.11 per cent to 5,473.78 points.
Swiss stocks gained 0.99 per cent, Milan climbed 1.78 per cent and Madrid rose 1.87 per cent.
Share prices in oil majors were boosted by plunging Brent crude prices on the prospects of Libyan oil production returning to normal after a rebel advance deep into Tripoli left Kadhafi close to defeat, traders said.
Shares in Italy’s ENI jumped 6.33 per cent, while those in France’s Total climbed 2.25 per cent.
HONG KONG – Asian stocks fell, extending big losses from last week, as traders fretted over the possibility of a new global recession while in Tokyo exporters tumbled due to concerns over the strong yen.
Brent oil also fell amid news of intense fighting in Tripoli, where rebels said they were a “few hours” from taking the Libyan capital.
And gold hit a new record high as traders seek out somewhere safe to keep their money.
Tokyo fell 1.04 per cent, or 91.11 points, to 8,628.13, its lowest level since March 15, days after the devastating earthquake-tsunami. Seoul shed 1.96 per cent, or 34.18 points, to close at 1,710.70.
Shanghai closed 0.73 per cent lower, by 18.50 points, at 2,515.86, but Hong Kong staged a late revival and ended up 0.45 per cent, or 86.95 points, at 19,486.87.
In other markets, Singapore closed flat, Taipei fell 0.41 per cent, Manila closed 1.12 per cent lower, Bangkok edged down 0.13 per cent, Kuala Lumpur fell 0.80 per cent, Jakarta ended flat, and Mumbai closed 1.24 per cent higher.
WELLINGTON – The New Zealand sharemarket shrugged off a weak start to close higher while other markets in the region were falling.
Contact Energy closed up 14c at 516 after reporting a three per cent fall in full-year profit to $NZ150.3 million ($A118.9 million).
Nuplex rose 16c to 253 after reporting a 3.6 per cent rise in full-year net profit to $NZ66.5 million, while Telecom rose 2c to 274 after reporting higher underlying earnings on Friday and announcing a special dividend.
These gainers helped the benchmark NZX-50 index to close up 6.596 points, or 0.202 per cent, at 3274.439 after it opened down 11.59 points.
