November 21, 2008

U.S. markets higher Friday morning

U.S. markets caught a brief respite from a week of sell offs, rising modestly Friday morning in an atmosphere dominated by recession worries.

Citigroup Inc. shares rose 1.7 percent after a four-day run that combined to drop its value 50 percent. The bank's board of directors were scheduled to meet Friday to discuss possibly selling part or all of the beleaguered financial giant.

In midmorning trading, the Dow Jones industrial average rose 116.52 points, or 1.54 percent, to 7,668.81. The Standard & Poor's 500 rose 1.98 percent, 14.90 points, to 767.34. The Nasdaq composite index gained 24.44 points, 1.86 percent, to 1,340.56.

The benchmark 10-year U.S. Treasury bond fell 1 18/32 to yield 3.18 percent.

The dollar was mixed. The euro rose to $1.2582 compared to $1.2474 Thursday. Against the Japanese yen, the dollar rose to 95.03 yen from 94.14 yen Thursday.

In Tokyo, the Nikkei average gained 207.75 points to 7,910.79, up 2.7 percent.