Mobile Phones a Key to Stock Revitalization This Week

Mar 24, 2011, 06:24 by David Hope

Mobile phones have helped to stabilize the global markets this week, as late on Sunday a deal was made for AT&T; to acquire T-Mobile. Early Monday, the markets responded - and have since seemed more stable in the wake of the disasters in Japan.

U.S. equities rose Wednesday after an early downturn prompted by a report that showed the housing market remained in a depression.

The Commerce Department said sales of new single-family homes in February dropped 16.9 percent from January, falling to an annual rate of 250,000 sales. The median sales price also dropped sharply in February to $202,100 from $246,000 the previous month.

Shares slid early but regained some traction through the day. The Dow Jones industrial average recovered to add 67.39 points, 0.56 percent, to 12,086.02. The Standard & Poor's 500 index rose 0.29 percent, 3.77, to 1,297.54. The Nasdaq composite index gained 0.54 percent, 14.43, to 2,698.30.

On the New York Stock Exchange, 1,635 stocks advanced and 1,325 declined on a volume of 4 billion shares traded.

The 10-year treasury note fell 4/32 to yield 3.343 percent.

The euro fell to $1.4088 from Tuesday's $1.4199. Against the yen, the dollar fell to 80.90 yen from Tuesday's 80.91 yen.

In Tokyo, the Nikkei 225 index lost 1.65 percent, 158.85, to 9,449.47.

In London, the FTSE 100 index added 0.58 percent, 33.17, to 5,795.88.

Source: UPI