Bernanke Raises Hopes for Recovery Next Year
Monday, March 16, 2009 14:51
The Federal Reserve chairman—Ben Bernanke, said that the recession would continue throughout 2009 but 2010 would be a year of recovery.
These comments helped buoy global stock markets. The Dow Jones industrial average opened up 63.72 points at 7300.28. In early afternoon, the FTSE 100 climbed 63.08 points to 3816.76; while Germany’s Dax index was up 85 points to 4038.67 and France’s CAC index rose 60.46 points to 2766.09. Tokyo’s Nikkei 225 closed up 1.78%, continuing a relatively strong run last week, and Hong Kong was 0.96% higher in the afternoon trading. But this remarks were followed by new figures that heighened worries over another significant drop in US GDP in the first three months of 2009.
It has been warned that the biggest risk to an upturn would be whether there was sufficient political to continue to try to mend the financial system. Fears have grown after unemployment has risen, in spite of the repeated intervention of the US Government in helping beleaguered big companies, like AIG.
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