29 Oct 2012

Down Jones up on Friday

9:01 am on 29 October 2012

The Dow Jones Index rose three points on Friday to close at 13,107 as bargain hunters came in late in the day to scoop up stocks battered by disappointing earnings.

The Nasdaq Composite rose two points to 2,987.

However, European stocks rebounded after taking a hit when the unemployment rate in Spain breached 25% for the first time.

UBS shares will be closely watched after reports that it plans to announce up to 10,000 job cuts worldwide as it slims its investment banking activities.

The Swiss bank's cuts are equivalent to up to 16% of its 63,000 workforce.

Across the Tasman, the Australian 200 Index fell 37 points, or 0.8%, to 4,472. The NZX50 index closed down 7 points to 3983.

The New Zealand dollar on Monday was trading at 82.30 US cents, 79.34 Australian cents, 51.11 pence, 65.56 yen and 0.6358 euro. The Trade Weighted Index was at 73.39.

Brent crude oil was trading at $US109.64 per barrel and gold was trading at $US1710.76 per ounce.