LONDON, England -European and U.S. markets closed up Friday, following earlier choppy trading in Asia and after two days of selloffs that have plagued global markets.London, Paris and Frankfurt all closed up by about 2.5 percent while the major U.S. markets closed up between 2.4 and 2.9 percent.
U.S. stocks rallied despite despite a brutal October jobs report and GM announcing massive quarterly losses.
Employers cut 240,000 jobs from their payrolls in October, marking the 10th straight month of cuts and taking the number of U.S. job losses in 2008 to nearly 1.2 million.
Meanwhile GM posted a third-quarter operating loss of $4.2 billion, or $7.35 per share, far worse than expected.
Japan's Nikkei Index dropped more than 6 percent at one point on Friday, but cut its loses to finish down 3.5 percent.
Seoul's KOSPI index gained 3.9 percent on the day, surging after South Korea's central bank cut its key interest rate for the third time in a month.
"The growth of the Korean economy is expected to slow sharply as the pace of export growth is markedly falling and domestic demand remains sluggish," Lee Seong-tae, Bank of Korea governor, said, according to the Yonhap news agency. The move is designed to boost the economy by lowering the cost of borrowing money.
Australia's All Ordinaries index closed down 2.4 percent.
The Taiwan Weighted gained a percent on Friday, while Hong Kong's Hang Seng index was up more than 3 percent.
The Straits Times in Singapore gained 2.4 percent and Mumbai's BSE SENSEX index was up about 2 percent.
U.S. markets have slumped about 9 percent since Tuesday's elections as investors started looking at economic realities again instead of the historic presidential race.
The Dow fell 4.9 percent on Thursday, while the Standard & Poor's 500 index dropped 5 percent and the Nasdaq composite declined by 4.3 percent.
U.S. futures, which offer an indication of how markets may open when trading begins in New York on Friday, were higher, possibly signaling a rebound after two days of selling.
U.S. stocks rallied despite despite a brutal October jobs report and GM announcing massive quarterly losses.
Employers cut 240,000 jobs from their payrolls in October, marking the 10th straight month of cuts and taking the number of U.S. job losses in 2008 to nearly 1.2 million.
Meanwhile GM posted a third-quarter operating loss of $4.2 billion, or $7.35 per share, far worse than expected.
Japan's Nikkei Index dropped more than 6 percent at one point on Friday, but cut its loses to finish down 3.5 percent.
Seoul's KOSPI index gained 3.9 percent on the day, surging after South Korea's central bank cut its key interest rate for the third time in a month.
"The growth of the Korean economy is expected to slow sharply as the pace of export growth is markedly falling and domestic demand remains sluggish," Lee Seong-tae, Bank of Korea governor, said, according to the Yonhap news agency. The move is designed to boost the economy by lowering the cost of borrowing money.
Australia's All Ordinaries index closed down 2.4 percent.
The Taiwan Weighted gained a percent on Friday, while Hong Kong's Hang Seng index was up more than 3 percent.
The Straits Times in Singapore gained 2.4 percent and Mumbai's BSE SENSEX index was up about 2 percent.
U.S. markets have slumped about 9 percent since Tuesday's elections as investors started looking at economic realities again instead of the historic presidential race.
The Dow fell 4.9 percent on Thursday, while the Standard & Poor's 500 index dropped 5 percent and the Nasdaq composite declined by 4.3 percent.
U.S. futures, which offer an indication of how markets may open when trading begins in New York on Friday, were higher, possibly signaling a rebound after two days of selling.
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