Current Event 4

My current even was on the fifth largest rebound in percentage history and the largest since the Great Depression. The Dow-Jones closed up with an 11.08% increase or 936.42 points. It also calmed down an eight day losing streak cause by concerns about a global recession. The British government said it is injecting capital directly into three troubled banks, while the U.S. Treasury is finalizing plans for a similar program that would spend $250 billion to buy ownership stakes in a broad range of banks. U.S. regulators are expected to announce an expanded response to the crisis today, including unlimited deposit insurance for non-interest-bearing accounts, such as checking and payroll accounts used by small businesses. Although the market has rebounded “the economic outlook remains weak, and a global recession is still likely, said” Win Thin, senior currency strategist for Brown Brothers Harriman. Also although falling below $80 a barrel for the first time in a year last week, oil prices also staged a rebound. The price of light, sweet crude jumped 4.5 percent, or $3.49, to settle at $81.19 a barrel.