Comments help New York markets

Wall Street was higher after remarks from both President George W. Bush and Federal Reserve chairman Ben Bernanke. Mr. Bush advocated reforms for the Federal Housing Administration and the tax code and asked mortgage lenders to work with borrowers in an effort to stem the growing tide of foreclosures, while Mr. Bernanke said that the Fed stands ready to do what is necessary to protect the economy from problems in the markets but insisted that the central bank will not consider bailing out investors who had bade bad choices. In early afternoon trade the Dow Jones Industrial Average had added 1.19 percent to 13,396.43, while the Nasdaq Composite was up 1.05 percent to 2,592.16 and the S&P 500 was 1.29 percent higher to 1,476.46. Mortgage lenders and banks advanced after the comments.

Asia-Pacific markets were higher Friday. The Shanghai Composite added 0.99 percent to 5,218.82. In Singapore, the Straits Times index gained 1.25 percent to 3,374.35, while India’s Sensex was 1.3 percent higher to 15,318.6. The Kopsi index was up 1.71 percent to 1,873.24. In Australia the Sydney Ordinaries added 1.8 percent to 6,248.3 while the S&P/ASX200 gained 1.83 percent to 6,247.2. The Hang Seng index reached a new record high when it briefly rose above the 24,000 level to 24,089 before it retreated to a close of 23,984.14, a gain of 2.13 percent on the session. In Taiwan, meanwhile, the Taiex was up 2.41 percent to 8,982.16.

The Tokyo markets had the highest percentage gains in the region, with the Nikkei 225 gaining 2.57 percent to 16,569.09 and the Topix adding 2.55 percent to 1,608.25. The Mothers market saw a more modest gain of 1.87 percent to 729.66. Commodities-related shares saw gains, as did shippers and exporters. The paper sector and banks were also higher.

European markets were higher again, as well. The FTSE Eurofirst 300 was up 1.12 percent to 1,532.34. Madrid’s IBEX added 1.16 percent to 14,479.8, while the CAC-40 gained 1.25 percent to 5,662.7 and the Dax was 1.57 percent higher to 7,638.17. Retailers and utilities were mixed, while chipmakers, and engineering groups was gains. Media groups saw losses.

London markets made gains. The FTSE 100 was 1.47 percent higher to 6,303.3 and the FTSE 250 was up 1.89 percent to 11,309.2. Miners were higher on advancing metals prices, while supermarket chains, food processors, the tobacco sector and engineers also saw gains. Some retailers were lower, joined by publishers, builders, investment managers and pubs operators.

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