New York - Wall Street took another tumble on Wednesday, with the Dow Jones Industrial Average spiralling down by more than 700 points amid renewed worries the United States is already in the grip of a recession.

US Federal Reserve chief Ben Bernanke warned that the emergency action taken by the Bush administration in response to the financial crisis is unlikely to produce a swift economic recovery.

"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away," Bernanke said to the Economic Club of New York.

London - The London stock market rallied at the end of a volatile week Friday, as the Financial Times Share Index (FTSE) gained ground to close 5 per cent, putting it above the crucial 4,000-point mark.

The FTSE held firm in afternoon trading, despite early falls on Wall Street following more dire news from the US housing market.

The London index was up 201.6 points at 4,063 points at the close, ending what one stockbroker described as a "neurotic week."

Vienna - After years of roaring growth, eastern Europe's economies look increasingly fragile as the global financial crisis spreads.

European Central Bank action Thursday to ease a credit crunch in Hungary was a warning that the area from the Baltics to Bulgaria is ripe for spillover. Now analysts are speculating which country might be next to come under attack.

Paris - French shares shrugged off Wall Street's indecisiveness on Friday to end a volatile week on a positive note.

The Paris Bourse's CAC 40 blue-chip index finished Friday's session up 4.68 per cent, at 3,329.92, with advancing issues besting losers by 3 to 1.

Steel giant ArcelorMittal led the advance, gaining 10.57 per cent, to end the week at 22.22 euros. Energy supplier GDF Suez was also sought by investors, climbing by 
10.51 per cent, to 29.39 euros.

Frankfurt - A tumultuous trading week on global share markets drew to a close Friday, with European bourses defying renewed volatility on Wall Street and holding on to gains run up during the day.

After closing down 5 per cent on Thursday, Europe's blue-chip Stoxx 50 index headed toward the end of the week up 3.8 per cent, at 2,219 points.

The close came despite the fact that Wall Street opened down as further data underscored the grim state of the US housing market, which is already in crisis.

London, Europe's leading stock market, headed into the end of week with a gain of about 2 per cent, while Paris's CAC 40 index edged up 0.91 per cent, following a 4.37-per-cent jump shortly after opening on Friday.

Riga - The three Baltic stock exchanges recorded two modest losses and a gain Friday, giving some respite after a largely negative week.