Wall Street Recap: Dow Soars 155 points while NASDAQ and S&P 500 rise 1.5%
–(www.FinancialNewsUSA.com)– 01/04/2010 – US Market industry news provided by Financial News USA.
The first official trading day of 2010 ended with a bang as all three major US trading indexes posted highs. The Dow Jones industrial average rallied 156 points, or 1.5%, to close at 10,583.96. The S&P 500 index rose 18 points, or 1.6% to close at 1,132.99. The Nasdaq composite gained 39 points, or 1.7% to close at 2,308.42. All three indexes closed at 15 month highs, a bright sign for the new year. Indexes recovered well in 2009 as The S&P 500 gained 23.4%, the Dow industrials gained 18.8% and the Nasdaq composite gained 44%.
A report from the Institute of Supply Management showed that manufacturing activity rose 55.9 from 53.6 last month, more than analysts expected along with reports from China that it’s manufacturing industry expanded last month at the fastest rate in 20 months. While analyst with Robert W. Baird upgraded Intel on expectations that chip orders will rise among corporate companies in 2010. Federal Reserve Chairman Ben Bernanke spoke out in defense of the Fed’s move to keep interest rates very low between 2002 and 2006. He was quoted saying that “it was appropriate and not the cause of the housing market bubble. “He said regulation would have been a better way to avert the collapse that ensued when home prices crumbled.
In Europe, London’s FTSE 100 rose 1.2%, France’s CAC 40 added 1.8% and the German DAX rallied 1.3%, while in Japan the Nikkei stock average rose 1 percent. Gold rose up $22.10 to sell at $1,118.30 an ounce and Oil gained $2.15 to close at $81.51 to post a high not seen since October of 2008.
Four stocks rose for every one that fell on the New York Stock Exchange, where volume came to a light 1 billion shares. About Financial News USA
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