Spanish Stock Market soars by more than ten percent

Spanish Stock Market soars by more than ten percent
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By h.b. - Oct 14, 2008 - 6:39 AM

The Spanish Stock Market - Photo EFE

The European deal reached on Sunday in Paris has brought some confidence back to the markets.

The pessimism seen on the Spanish Stock Market on Friday gave way to euphoria yesterday as the index soared by 10.65%, its largest daily increase in history, and taking the IBEX 35 back close to the 10,000 level at 9,955.

Other European bourses also rallied in response to the deal reached in Paris on Sunday between European leaders which seems to have brought some confidence back to the markets.

Spanish Prime Minister, José Luis Rodríguez Zapatero said yesterday that Spain would guarantee bank operations to a maximum of 100 billion € to the end of this year, while Minister for Tax and the Economy, Pedro Solbes, has ruled out the purchase of bank shares in Spain by the Government here, because he said that financial entities here did not have recapitalization problems. He gave the news in a press conference at the World Bank in Washington, where he is taking part in the annual assembly of the bank and International Monetary Fund, IMF.

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