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Tech stocks shine, Nasdaq jumps 3%
Palestinian News.Net
Monday 24th March, 2008
U.S. stocks ended sharply higher Monday with tech stocks leading the way.
It was the best Monday of the year as the Nasdaq Composite climbed 68.64 points or 3.04% to 2,326.75.
The Dow Jones Industrials added 187.32 points or 1.52% to 12,548.64.
The Standard and Poor's 500 was up 20.37 points or 1.53% at 1,349.88.
Wall Street traders awoke to news their jobs may be at risk. New York City's Independent Budget Office, in a report, forecast that 2007 profits for Wall Street's banks and brokers will sink by more than 80% to their lowest level since 1994.
Profits for 2007 are expected to fall from $20.9 billion in 2006 to $3.2 billion in 2007.
The report says banks and brokerages make up 35% of all salaries and wages in New York City. Fallout from investments in the subprime mortgage market has resulted in write-downs of more than $150 billion, and more write-downs are expected.
Pressure on the sector is likely to result in the loss of 12,600 losses this year, and 7,600 next year, the report concluded.
The U.S. dollar was firmer on foreign exchange markets, although it lost ground against the Australian dollar.
Around the New York close the dollar was quoted at 1.5426 versus the euro, and 1.9856 against the pound. The Swiss franc was changing hands at 1.0200, and the Japanese yen at 100.72. The Canadian dollar wilted to 1.0168, while the Australian dollar firmed to .9063.
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