Brazil stocks open higher Tuesday after meltdown

SAO PAULO, Brazil (AP) -- Brazilian stocks opened higher after suffering their worst loss in nearly a decade amid growing concerns of a worldwide recession.

Sao Paulo's Ibovespa index was up 2.5 percent Tuesday morning to 47,006 after falling 9.4 percent a day earlier. Brazil's currency, the real, regained some ground against the U.S. dollar.

Major markets across Latin America plunged Monday after U.S. lawmakers rejected a US$700 billion bailout package meant to reboot the global economy.

Investors battered shares throughout the region as they dumped emerging market positions seen as extremely risky given the planet's uncertain financial future.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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