Dhaka, Bangladesh (BBN) – After ending the best week in almost three years, Wall Street continued the momentum by climbing upwards throughout the week, a weekly market update said.
Stocks began the week rallying on the data which showed the U.S. unemployment rate dropping to two and a half year low.
However, the gain was cut short as Standard & Poor placed the sovereign ratings of Germany, France and other euro zone nations on “credit watch negative,” the step that precedes a downgrade.
“Amid concerns regarding ratings downgrade, stocks rose for rest of the week hoping that the very crucial summit of European Union beginning Friday will create a more workable solution to the bloc’s debt crisis,” it noted.
The update also said Asian markets remained volatile throughout the week but ended the week with a gain.
Asian shares fell after the news that Standard & Poor warned it might downgrade euro zone countries en masse if European leaders fail to produce a credible plan to solve the region’s debt crisis at a summit later this week.
However, gains reduced on Thursday as shares fell as doubts set in about whether European leaders can agree on a plan to tackle the euro zone’s two-year-old debt crisis at a high-stakes summit on Friday, according to the update.
BBN/SSR/AD-09Dec11-2:00 pm (BST)
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