Global stock markets recover at end of turbulent week

Global stock markets rose on Friday as investors put economic growth fears and trade jitters to one side, deciding that they had had enough drama and losses for one week.

U.S. Market

On Wall Street, the Dow on Wednesday suffered its worst day of the year, before recovering slightly on Thursday, and bouncing back strongly on Friday.

The index gained 1.2 percent, as investors found relief in hope for progress in the U.S.-China trade war, and U.S. housing data offered enough good news not to ruin the party, despite a disappointing report on consumer sentiment, but was still down for the week.

Asian Market

Asian markets rose on Friday after China announced plans to boost disposable income this year and in 2020 to spur consumption as the economy slows.

Shanghai Composite Index has risen from Thursday, appearing to be unaffected by the sharp market volatility in the United States amid investor fears about a global recession and uncertainties over U.S.-China trade tension.

Hang Seng Index gained 0.9 percent on Friday, following the Hong Kong Special Administrative Region government announced to spend 19.1 billion Hong Kong dollars (2.44 billion U.S. dollars) to boost the economy.

FTSE 100 shares delayed

Elsewhere, the opening of London's benchmark FTSE 100 shares was delayed nearly two hours by a software problem, the London Stock Exchange said.

"London Stock Exchange experienced a technical software issue this morning that affected trading in certain securities, including FTSE 100 and (second-tier) FTSE 250 stocks," said a statement. 

It closed at 7,117.15 points, up 0.7 percent.

GE surged back after dropping 15 percent

In New York, industrial titan General Electric surged close to 10 percent after CEO Larry Culp bought nearly two million U.S. dollars in shares, boosting investor confidence after whistleblower Harry Markopolos - a key figure in the Bernie Madoff scandal - accused the company of massive accounting fraud, a charge the company vehemently denied.

The shares fell as much as 15 percent on Thursday after Markopolos' accusation.

(With inputs from AFP and China Daily)