US, European markets post solid gains

The Dow Jones Industrial Average jumped 144.32 points 1.57 per cent on Friday to close at 9,325.01, pushing gains for blue chips for the week to an eye-popping 11 per cent. But for the month the index was still down 14 per cent.

The NASDAQ composite climbed 1.32 per cent to 1,720.95 and the Standard 038; Poor8217;s 500 rose 1.54 per cent to 968.75.

In Europe, following a mixed performance in Asia, sentiment brightened: in London, the FTSE 100 index added 2.0 per cent to 4,377.34, while in Paris the CAC 40 rose 2.33 per cent to 3,487.07.

The Frankfurt DAX advanced 2.44 per cent to end the week at 4,987.97. London investors digested news that British bank Barclays was to raise USD 11.7 billion, mostly from investors in oil-rich Abu Dhabi and Qatar, to bolster its finances amid the global credit crunch.

Other markets were mixed. Brazil8217;s Bovespa fell 0.51 per cent and Canada8217;s S038;P/TSX lost 0.95 per cent but Mexico8217;s Bolsa rose 0.56 per cent.

Shares fell sharply in Tokyo, down 5.0 per cent, even though Japan8217;s central bank cut its super-low interest rates for the first time in seven years 8212; by 20 basis points to 0.3 per cent.

Hong Kong closed down 2.5 per cent as investors locked in recent sharp gains sparked by hopes that the credit crunch was easing.