4:00PM New York, 10:00PM Frankfurt, 8:00AM Sydney – U.S. stocks staged a sharp reversal in the late afternoon as buyers hunted for bargains and talks of rescuing bond insurers emerged. European markets closed lower on tough inflation talks from the ECB President. Asian markets rallied.

North American Markets indexes

Dow Jones Industrial Average rose 298.98 or 2.50% to a close of 12,270.17, S&P 500 closed up 28.10 or 2.14% to 1,338.60, and Nasdaq Composite Index traded up 24.14 or 1.05% to a close of 2,316.41.

In Toronto TSX Composite closed up 39.23 or 0.31% to close at 12,680.11.

Of the 30 stocks in Dow Jones Industrial Average, 13 closed higher, 17 closed lower, and none was unchanged.

Aloca led the decliners in the index with a loss of 4% followed by losses in Boeing of 3.4%, in Exxon Mobil of 2.9%, in Hewlett Packard of 2.8%, and in Merck of 2.78%.

JP Morgan Chase led the gainers in the index with a rise of 9% followed by increases in General Motors of 7.5%, in Citigroup of 5.6%, in Intel of 5.1%, and in Home Depot of 3.95%.

Of the stocks in S&P 500, 311 closed higher, 187 fell, and 2 were unchanged.

Forty eight stocks fell more than 3% and one hundred and fifty seven stocks rose more than 3%. Twenty eight stocks closed above 10% in the index.

Ambac led the gainers in the index with a rise of 35% followed by increases in BB&T of 12%, in MBIA of 11%, in CIT Group of 10.9%, and in KB Home of 10.8%, and in Centex Corp of 10.8%.

Motorola led the decliners in the index with a fall of 18.8% followed by losses in Ciena of 14%, in MGIC of 13.6%, in Apple of 11.5%, and in Freeport McMoran of 7.6%


South American Markets Indexes

In Latin Markets Peru led the decliners in the region with a loss of 6.22% followed by decreases in Brazil of 4.07%, in Argentina of 2.69%, in Chile of 1.84%, and in Mexico of 1.22%. Colombia gained 0.85% and Venezuela declined 0.5%.

Asian Markets

In Tokyo Nikkei 225 Index closed higher 256.01 or 2.04% to 12,829.06, in Hong Kong Hang Seng index increased 2332.54 or 10.72% closed to 24,090.17, in Australia ASX 200 index higher 225.50 or 4.35% to close 5,412.30.

In South Korea Kospi Index increased 19.40 or 1.21% to close at 1,628.42, in Thailand SET index closed lower 0.89 or 0.12% to 740.65, and Indonesia JSE Index edged increased 181.75 or 7.92% to 2,476.28. Sensex index in India increased 864.10 or 5.16% to 17,594.07.

European Markets

In London FTSE 100 Index closed lower 130.80 or 2.28% to 5,609.30, in Paris CAC 40 Index decreased 205.78 or 4.25% to close at 4,636.76 and in Frankfurt DAX index lower 330.26 or 4.88% to close at 6,439.21. In Zurich trading SMI decreased 131.79 or 1.76% to close at 7,356.13.

Bond Yields decreased on 10-year U.S. bonds to 3.40% and 30-year bonds declined to 4.16%.