Bank of England boss Mervyn King told MPs he was not to blame for failing to spot the rate-rigging scandal engulfing the industry amid mounting accusations over the central bank’s role..

Wall Street rallied once again today as investors bet that companies hurt by the housing crisis will benefit from a government plan to help financially stretched homeowners and from another interest rate cut.

US investors found some reassurance in weak job growth figures today, and sent stocks sharply higher on the assumption that the numbers will prompt Federal Reserve to be less aggressive in raising interest rates.

Wall Street trudged through a listless session today, closing narrowly mixed as oil prices edged closer to 45 dollars per barrel and investors hoped for assurance from the Federal Reserve that the economy was still on track.

The US Federal Reserve may cut interest rates for the seventh time this year when it meets next week.