Dhaka, Bangladesh (BBN)- A jump in long- term borrowing costs spurred concerns that US Government’s efforts to reduce interest rates will fail.
Benchmark indexes erased gains as the 10-year Treasury note declined for a fourth day, sending its yield to a record spread above two-year notes. The Dow Jones Industrial average fell 122 points or 1.4 percent. The NASDAQ composite index on the other hand added 3.2 points or 0.2 percent.
Asian shares climbed to their highest levels in seven months on fresh hopes that the global recession is easing. The Nikkei rose on a bullish outlook on steel, commodity gains and increased demand for domestic construction machinery from China. It added 187.24 points or 2 percent over the week.
The BSE Sensex soared about 509 points or 3.7 percent, fuelled by the country’s finance minister’s statement that the government would to push long pending reforms in the financial sector and in the real economy to support growth.
Locally, the DSE General Index rose 35.76 points (1.4 percent) to close out the week at 2,588.72.
BBN/SS/SSR/AD-29May09-8:52 pm (BST)