| CATEGORY: MARKET REPORT - US |
US open: Shares fight back |
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Mon 30 Nov 2009
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LONDON (SHARECAST) - US markets are now slightly higher after falling into the red immediately after the open as investors consider post-Thanksgiving shopping figures and Dubai's debt situation.
Across the markets, the Dow is currently up 34 points at 10,344. Nasdaq is 1 point higher at 2,140, while the S&P 500 added 4 points at 1,095.
Stocks in the United Arab Emirates suffered record one-day losses on Monday. The savage slump reflected pent-up selling pressure following the Eid holiday, which has seen markets closed since state-owned Dubai World threatened to default on its debt.
Dubai’s leading index tumbled more than 7%, its worst day in over a year, with the National Bank of Abu Dhabi plunging about 10%, but an 8.3% plunge on the Abu Dhabi exchange was its biggest single-day decline ever.
In the US, a survey showed that more Americans went shopping over Thanksgiving weekend compared with last year, though they spent less money.
The National Retail Federation estimates that 195m people visited shopping malls and online retailers between Thursday and Sunday.
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