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Forex News and Rumors – Afternoon Update

G20 Summit Wraps Up – Long List of Initiatives

Pledging to work together to confront the economic crisis, the leaders of the G20 countries released a statement outlining the summit highlights [1].

G20 Leaders Pledge $1.1 Trillion to Tackle Crisis

Leaders of the G20 countries have agreed to provide $1.1 trillion in loans and guarantees to help countries deal with the current economic crisis. More [2]

Dow Breeches 8,000 Mark

For the first time in over two months, the Dow Jones Industrial Average broke the 8,000 point mark gaining nearly 300 points on the day. More [3]

FASB Eases Fair-Value Accounting Rules

Bowing to pressure from financial institutions and even some members of Congress, the Financial Accounting Standards Board has ruled that firms can use their own “significant” judgment to price their distressed assets [4] when preparing quarterly reports. More [5]

G20 Optimism Pushes Oil to $52

The price of crude in New York today jumped $3.61 to $52.00 a barrel in early afternoon trading today. Oil and equities both received a boost as the G20 Summit wound up on a positive note earlier in the day. More [6]

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Scott Boyd

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