Asia stocks soar after US rally; Nikkei up 13 pct

[question everything]

Source: AP

By JEREMIAH MARQUEZ, AP Business Writer 53 minutes ago

Asian markets soared for a second day Tuesday, led by a stunning 13 percent jump in Tokyo, after Wall Street rallied from its worst week ever on optimism that government rescue efforts will heal the crippled global financial system. Japan's benchmark Nikkei 225 index surged 1,127.11 points, or 13.62 percent, to 9,403.54 by the afternoon_ a stunning reversal after plunging nearly 10 percent Friday. Tokyo financial markets were playing catch-up because they were closed Monday for a holiday.

In Australia, the S&P/ASX200 index traded 3.7 percent higher as the government announced a plan to inject 10.4 billion Australian dollars ($7.4 billion) to strengthen the country's economy. Hong Kong's key index gained 4.4 percent, while South Korea's market jumped nearly 5 percent. The Philippine market surged more than 7 percent and Indonesia's market — shut half of last week due to dramatic declines — was up more than 6 percent.

Japanese bank Mitsubishi UFJ Financial Group Inc. added more than 14 percent after completing a $9 billion deal for a 21 percent stake in U.S. investment bank Morgan Stanley. The Asian advance came after the Dow Jones industrial average gained more than 11 percent — its biggest one-day gain since 1933 — in a huge overnight rally as traders reacted with relief to efforts by the U.S. government to inject capital into banks and get lending flowing again.

Late Monday, U.S. government officials and industry executives said the Bush administration will use $250 billion of the $700 billion bailout program recently passed by Congress to buy into American banks. The government initially will buy stock of nine large banks, but the program is expected to be expanded to many others.


Read more: http://news.yahoo.com/s/ap/20081014/ap_on_bi_ge/world_markets

[katusha]

1. this makes me nervous

wild swings in the markets don't make me feel more secure about the future. someone talk me down please.....

[Eurobabe]

2. it's all just a giant gambling house now

no fundamentals, all smoke and mirrors. Driven by nuts and psychos.

[4lbs]

3. Be prepared for wild fluctuations the rest of this month as quarterly earnings reports come due.

n/t

[Fovea]

4. Great!

Now will someone ask China, Mexico, and the other sweatshop nations if we can have our industrial economy back?

Oh, wait, they didn't take it, it was shipped there by MBA managers for bigger bonuses.

Panic selling and giddy speculation are two symptoms of the same disease.

[rcrush]

5. McCain is the addicted gambler isnt he?

He should be able to handle this!

[Dead_Parrot]

6. "The dead cat bounced quite high"

-BBC World, summing up the strong gains in the face of a looming global depression.
:hurts: