Published on Tue, Mar 02, 2010 at 07:37 | Source : Moneycontrol.com
Updated at Tue, Mar 02, 2010 at 09:47
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Wall Street ends higher led by technology stocks
In US markets, stocks kicked off March with gains led by technology stocks after an encouraging report on chip sales and strong outlook from Sandisk. Some M&A activity too gave the broader market a boost.
In US markets, stocks kicked off March with gains led by technology stocks after an encouraging report on chip sales and strong outlook from Sandisk. Some M&A activity too gave the broader market a boost. Also Read - How ADRs performed
The Dow Jones Industrial Average gained 78.53 points, or 0.8%, to close at 10,403.79, led by Intel. The tech-heavy Nasdaq jumped 1.6%, while the S&P 500 added 1%. The CBOE volatility index dropped back below 20.
In economic data, the ISM reported that the manufacturing sector continued to grow in February, even though it fell to 56.5 from 58.4 in January, as the gauge remained over 50.
Some good news on the consumer front, personal spending rose 0.5% in January, even though income gained only 0.1%. Spending on both durable and nondurable goods was strong.
The dollar rose against the euro, led by a sharp sell-off in sterling and lingering uncertainty over a bailout for debt-strapped Greece. The pound hit a 10-month low versus the dollar and was on track for its biggest one-day drop since October. The dollar index is close to the 81 mark.
Crude fell from a six-week high as the dollar advanced against the euro reducing demand for raw materials as an alternative investment.
Copper surged higher in LME session on supply concerns prompted by the massive earthquake in Chile at the weekend. For rest of the industrial metals, it has been a mixed session.
