NEW YORK - Wall Street shares zigzagged to a mixed finish on Friday in a market dragged around by reports and speculation about the fate of two troubled financial firms, Lehman Brothers and Washington Mutual.
In a volatile session that saw gains and losses reverse several times, the Dow Jones Industrial Average ended with a modest decline of 11.72 points, or 0.10 per cent, at 11,421.99.
The tech-heavy Nasdaq rose 3.05 points, or 0.14 per cent, to 2,261.27 while the broad-market Standard & Poor’s 500 index managed a gain of 2.65 points, or 0.21 per cent, to 1,251.70.
LONDON - European stocks closed higher on Friday, with investors betting that the US authorities will ensure that failing investment bank Lehman Brothers finds a saviour and ease the pressure on the banking sector.
In London, the FTSE 100 index was up 98.3 points, or 1.85 per cent, to 5,416.70 points.
FRANKFURT - Germany’s DAX 30 rose 55.99 points, or 0.91 per cent, to 6,234.89.
PARIS - France’s CAC 40 jumped 83.59 points, or 1.97 per cent, to 4,332.66 points.
TOKYO - The Tokyo Stock Exchange’s benchmark Nikkei-225 index closed up 112.26 points, or 0.93 per cent, to 12,214.76 ahead of a three-day weekend in Japan.
HONG KONG - Hong Kong share prices closed down 0.18 per cent on Friday, as weakness in Chinese banks offset earlier gains in property developers and energy firms.
The benchmark Hang Seng Index plunged 35.82 points to 19,352.90
WELLINGTON - The New Zealand share market rose to end the week, the benchmark NZSX-50 index closing up 28.15 points, or 0.844 per cent, at 3361.68.
SYDNEY - Australian markets have received a mixed lead from Wall Street, although the price of oil fell again in a special trading session overnight whilst gold and silver rose.
At 0722 AEST, the Sydney Futures Exchange’s September Share Price Index contract was 50 points higher, or 1.02 per cent, at 4,975.
In news today, the Australian Bureau of Statistics will release dwelling unit commencements data for June.
Reserve Bank of New Zealand assistant governor Dr John McDermott speaks at an Australian Business Economists lunch on “Monetary Policy Issues in New Zealand”.
Base metals and uranium explorer Aluminex Resources Ltd is to list on the Australian securities exchange.
On Friday, the benchmark S&P/ASX200 was up 89.5 points, or 1.86 per cent, to 4,903.8, while the broader All Ordinaries added 85.6 points, or 1.76 per cent to 4,957.1.
NYMEX
In energy trading on Friday, crude oil briefly fell below $100 a barrel despite threats to Gulf energy supplies from Hurricane Ike, suggesting traders still believe a soft economy will keep driving down demand.
Light, sweet crude for October delivery ended Friday 31 cents higher at $101.18 a barrel, after briefly sinking to $99.99.
That was the first time oil traded below $100 since April 2.
In a special trading session on the NYMEX last night Australian time, crude oil fell to a six-month low and gasoline tumbled amid signs that refineries along the Gulf of Mexico coast will soon resume operations after escaping major damage from Hurricane Ike.
More than 20 per cent of the US’s oil refining capacity was shut, limiting fuel deliveries and prompting the Department of Energy to release 309,000 barrels from its strategic reserves. New York Mercantile Exchange electronic trading opened early today to allow traders to respond to Ike.
Crude oil for October delivery fell $2.18, or 2.2 per cent, to $99 a barrel at 4.26 pm (0626 AEST) on the Nymex. Futures touched $98.46, the lowest since February 26.
Prices are up 25 per cent from a year ago.
Gasoline for October delivery fell 10.86 cents, or 3.9 per cent, to $2.661 a gallon in New York.
Oil in New York has fallen 33 per cent from a record $147.27 a barrel on July 11 as high prices and slowing global economic growth reduce demand for fuels. Sales at US retailers dropped in August for a second straight month and July inventories at American businesses increased the most in four years, Commerce Department reports showed last week.
COMEX
Gold for December delivery rose $19 to settle at $764.50 an ounce on the New York Mercantile Exchange on Friday, after earlier rising to $770.50. It was gold’s first positive close in 10 days.
Other precious metals also traded higher Friday. December silver rose 24 cents to settle at $10.795 an ounce, while December copper gained 7.2 cents to settle at $3.194 a pound.
