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Market Update : 
Nasdaq Surges 4%, Fannie Mae Rallies
Author: 123jump.com Staff
123jump.com
Last Update: 5:24 PM EDT March 11 2008


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U.S. stocks surged after a coordinated move among central bankers led by the U.S. Fed. Nasdaq surged 4%, S&P 500 soared 3.7%, and Dow Jones jumped 3.6%. The Fed led move to add $200 billion in liquidity to credit market was widely seen as a move to improve the health of the financial systems and encourage lending. American Express led the gainers in Dow Jones index and Washington Mutual led the S&P 500 stocks. Talks of investment from Goldman or Buffett lifted Wamu. Bear Stearns soared.

 
Bond Yields increased on 10-year U.S. bonds to 3.60% and on 30-year bonds declined to 4.51%.

Commodities, Metals, and Currencies

Crude oil increased $0.85 to close at $108.75 per barrel for a front month contract, natural gas decreased 1 cent to $10.02 per mBtu, and gasoline futures increased 0.46 cents to close at 271.95 cents per gallon.

Gold increased $4.20 in New York trading to close at $976.00 per ounce, silver closed down 2 cents to $19.76 per ounce, and copper for front month delivery decreased 0.95 cents to 378.55 per pound.

Wheat futures increased 60.00 cents in Chicago trading and closed at $12.23 per bushel. Sugar increased 44 cent to 13.48 cents per pound. Soybean future closed up 1.250 cents to $14.07 per bushel.

Dollar edged higher and traded near a record low against euro to $1.5317 and edged higher against yen to 103.51.
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