The week of extreme market volatility continues, shares on Wall Street rebounded strongly yesterday, the S&P 500 index registered its biggest one-day gain in almost four years and closing almost 4% higher at 1940.
The Dow Jones index also closed 4% up at 1628. Technology stocks such as Apple, Google and Facebook led the rally with Apple ending the session almost 6% higher at close to $110.
The market gained comfort from comments by the President of the New York Branch of the Federal Reserve Bank – America’s Central Bank, who said the “argument for a September rate hike" seemed “less compelling” to him than it did a few weeks ago.
Turning to China, the Shanghai Composite Index was 1% higher a short time ago, so European markets are likely to open stronger this morning though it’s unlikely that the volatility has ended.
Meanwhile in Dublin and London both Paddy Power and Betfair rose by about 20% yesterday in response to both strong trading results and of course the proposed merger of the company. Paddy Power is now trading at €19 after trading in more than 3 million shares yesterday.
