16 Jan 2009

Losing streak ends on Wall Street

11:54 am on 16 January 2009

Shares in the United States ended with modest gains on Thursday after news of a big economic stimulus package introduced in Congress and the possibility of more federal aid for Bank of America.

The Dow Jones Industrial Average finished with a gain of 12.35 points or 0.15% at 8,212.49, ending a string of six consecutive losses for the index.

The Nasdaq rose 22.20 points or 1.49% to 1,511.84. Standard & Poor's 500 added 1.12 points or 0.13% to 843.74.

Trading was volatile and the Dow Jones sank to 8,000 at one point.

However, the trend turned upwards after Democratic lawmakers unveiled an $US825 billion economic stimulus plan.

The rebound failed to help Bank of America, which fell on news that it was in talks to secure an additional government capital injection to help absorb its acquisition of troubled brokerage Merrill Lynch.