European stock markets rise on Citigroup rescue plan

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November 24, 2008 13:30

 
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European stock markets rose Monday after Friday's strong close on Wall Street and on relief that the US government is providing a lifeline to ailing banking giant Citigroup. The FTSE 100 index of leading British shares was up 174.98 points, or 4.6 percent, at 3,955.95, while Germany's DAX was 162.51, or 3.9 percent, higher at 4,289.92. The CAC-40 in France was up 140.36, or 4.9 percent, at 3,021.62. "Equities have started the week with a significant bounce as traders look to exploit the Dow's 500 point gain on Friday and news that Citigroup will now be bailed out by the US government may also have the potential to add some stability to the troubled banking sector on both sides of the Atlantic," said Matt Buckland, a dealer at CMC Markets. The Dow surged more than 6 percent as US President-elect Barack Obama appeared ready to tap the New York Federal Reserve chief Timothy Geithner as the next treasury secretary, an appointment which reassured investors.

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