Wall Street rallies on +ve economic data; Dow above 10K
Published on Fri, Nov 06, 2009 at 08:00 | Source : Moneycontrol.com
Updated at Fri, Nov 06, 2009 at 09:13
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Wall Street rallies on +ve economic data; Dow above 10K
The US markets rallied on Thursday on the back of strong reading on productivity and an easing in jobless claims. Techs were among the best performers after Cisco posted strong results after the bell on Wednesday. At closing bell, the Dow shot up 2%, to close at above the 10,000 mark for the first time since October 22nd.
The US markets rallied on Thursday on the back of strong reading on productivity and an easing in jobless claims. Techs were among the best performers after Cisco posted strong results after the bell on Wednesday. Also Read - How ADRs performed
At closing bell, the Dow shot up 2%, to close at above the 10,000 mark for the first time since October 22nd. The Nasdaq gained more than 2%, while the S&P 500 jumped back above 1050 to close at 1066.
Driving the gains in US markets was the day's economic news, non-farm productivity rose 9.5% in its preliminary report, the fastest pace in six years. The latest initial jobless claims total came in 512,000, down 20,000 from the previous week. Continuing claims came in at 5.75 million lower than the previous week.
Crude prices fell 1% to trade below the USD 80 mark as doubts about the pace of economic recovery dented optimism toward a rebound in fuel demand.
Copper prices declined as rising inventories fueled concern that demand is waning for the metal.
Stockpiles 1.5% to the highest level since May 11. The metal was down just less than a percent. In other metals, zinc, tin and nickel prices also dropped.
The dollar traded near a one-week low against the euro as demand was boosted for higher-yielding assets. The dollar index continues to trade below the 76 mark.
