Irish stocks bounce back with 3.75% overall gains

THE Irish stock exchange clawed back some of its losses this year with a 3.75% rise yesterday as markets across Europe reacted positively to the US Federal Reserve’s shock cut in interest rates.

The ISEQ had lost 10% of its value this year before trading began yesterday and most traders had expected another day of losses. But the Dublin market opened up in positive territory and made gains throughout the day following the Fed’s move to cut US interest rates by 0.75% to 3.5%.

The ISEQ added 234 points to close at 6,496.