Daily Financial Crisis Recap 01.11.08

Stocks end higher in the last day of October after a tumultuous month of trading. October was a wild month.

Dow Jones industrial average up 144.32 points, or 1.57 percent, to 9,325.01. It was the first time the Dow had back-to-back gains since the end of September.

Barclay’s is seeking $11.8 billion from Abu Dhabi and Qatar. As much as 32% of the company would be owned by Middle Eastern interests.

Bernanke says that the mortgage system needs more safeguards. Consumer spending slowed to its slowest in four years in September.

Bank of Japan cuts its key interest rate for the first time in 7 years. Banks alter loan terms to forestall upcoming mortgage foreclosures.

The country is showing signs of entering a fierce global recession, with deflation running rampant.

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