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The Dow Jones ended a seesaw day on the up on Wednesday as the United States’ housing crisis and home loan fears continued to influence the market.
The Dow rose 150.38, or 1.14 percent, to 13,362.37 after an eventful day on Wall Street.
The turmoil came as the US government released data that pointed towards a potential shortfall in supplies of oil, and the price of a barrel of crude in New York rocketed to a record high of 78.77 usd.
Other indices were also on the up as the Nasdaq composite index rose 7.60 to 2,553.87 and the Standard & Poor’s 500 index was up 10.54 points to 1,465.81.
Although news from the National Association or Realtors that pending sales of existing homes rose 5 percent in June from a month earlier figures lifted the market, fears over subprime lending and high oil prices will likely offset much of the benefit.
It is thought unlikely that the Dow will regain last month’s record highs, when the market went over 14,000 for the first time, any time soon.
Wednesday’s volatile market reflected the trend of the last week as the Dow continues to alternate between dramatic gains and losses. The market lost almost 500 points in two days late last week.
One of the biggest stories of the day was confirmation that Rupert Murdoch’s News Corp. is to buy Dow Jones & Co for $5 billion. The share price of both companies rose on the news.
12:52
Posted on Aug-03-2007
