Wall St hits multi-year highs; Dow climbs above 12K mark
The US markets ended sharply higher hitting multi-year highs after erasing losses from earlier sell-offs despite unrest and turmoil in Egypt. The Dow continued its steady climb rising above the 12,000 mark for the first time since June 2008 while S&P rose above the 1300 mark.
February 02, 2011 / 08:45 IST
The US markets ended sharply higher hitting multi-year highs after erasing losses from earlier sell-offs despite unrest and turmoil in Egypt. The Dow continued its steady climb rising above the 12,000 mark for the first time since June 2008 while S&P rose above the 1300 mark.
Dow Jones Industrial Average added 1.255 or 148.23 points at 12040.16. Nasdaq Composite gained 1.89% or 51.11 points at 2751.19. Standard & Poor's 500 rose 1.67% or 21.47 points at 1307.59. In economic data, the institute of supply management's manufacturing index rose to 60.8 in January beating expectations. The prices paid component of the index rose to its highest level since July 2008 to settle at 81.5 from 72.5. Construction spending fell 2.5% as reported by the commerce department.In the day's economic data to watch out for, the mortgage bankers' association is expected to release their weekly purchase applications index. The monthly ADP national employment report is also expected to come in.
The energy information administration or EIA is also expected to release their weekly report on petroleum inventories in the US.The euro rallied to a 2-1/2 month high versus the dollar as pressure on the greenback widened in view of the political turmoil in Egypt leading to fears that the conflict would spread to the middle east.US crude prices fell ahead of the weekly oil inventory data. However, brent oil prices hit 28-month high settling at around USD 102 per barrel mark on oil supply concerns amid the growing unrest in Egypt. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
