Summary
OVER the past depressing year or so dealers have become immune to bad news. They have had to because there's been shedloads of it during a worsening global recession.Yesterday, despite news of an alarming acceleration in America's jobless rate to 8.1pc from 7.6pc in January, to a level not seen since 1983, Wall Street bounced 160 points in early trading. This despite dire warnings from several US economists that the rate could easily hit 10pc by the end of this year.
Dealers in London paid more attention to the fact the US economy lost 651,000 jobs in February, a figure that was in line with expectations but well down on the strongly rumoured catastrophic figure of one million that had been bandied about by scaremongers earlier in the day.See the full content of this document
Extract
Bad News Fails to Spook Traders ; Market Report [Edition 2]
Up 44 points at the outset, the Footsie traded 37 points lower ahead of the US data before rallying to finish only 0.87 points better at 3,530.73. It still closed a further 8pc down on the...
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