The U.S. stock market fought back Friday, following a day of big losses during Thursday’s trading session. The reason for the change: Banks. Even though the sector was among the worst hit, share prices improved as the downgrades by Moody’s Investors Service credit of 15 of the world’s largest banks was actually not as bad as originally expected. Furthermore, analysts said the round of downgrades removed one piece of uncertainty that had been weighing on banks.
Leaders of the Eurozone’s largest economies agreed to back a €130 billion ($163billion) rescue plan to support growth and defend the common currency, but it remained divided over the credit crisis as Germany continued to resist proposals to issue common debt and use bailout funds to stabilize financial markets.
The DJ30 closed at 12,640.78, gaining 67.21 points (0.53%), the SPX500 closed at 1,335.02, gaining 9.51 points (0.72%) and the Nasdaq closed at 2,585.53 gaining 28.57 points (1.12%) in Friday’s trading.
The CAC40 closed at 3,090.90 dropping -23.32 points (-0.75%), the FTSE100 closed at 5,513.69, dropping -52.67 points (-0.95%) and the DAX40 closed at 6,263.25, dropping -79.88 points (-1.26%).
Facebook Inc (FB) went up 2.61% to $32.67. Facebook Inc. and Unilever have initiated a new project named Water Works, which will allow donations through Facebook credits. The idea of the project is to let users donate to a clean water charity using online credits, this will provide a way for the social network to convince members to make more transactions and gather information about them.
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