Wall St gains on strong economic data; financials led rally
In the US market, positive economic data helped markets close at fractionally improved two-year high. Financials stocks led the rally.
January 06, 2011 / 08:21 IST
In the US market, positive economic data helped markets close at fractionally improved two-year high. Financials stocks led the rally.
Dow Jones Industrial Average rose 0.27% or 31.71 points at 11722.89. Nasdaq Composite added 0.78% or 20.95 points at 2702.2. Standard & Poor's 500 was up 0.5% or 6.36 points at 1276.56.In economic data, the ADP employment change reading showed that nearly 300,000 private payrolls were added during December. Many were quick to speculate that since the ADP tally is triple what had been expected, a strong non-farm payrolls report will likely be released this Friday. Meanwhile, the December ISM services sector index rose at the fastest pace in more than four years.But concerns about unemployment continue - in the economic data to watch out for today, the US weekly initial jobless claims is expected to come in higher at 412,000. Figures for the previous week were at 388,000.The dollar soared broadly after an encouraging US data signaled brightening picture of the economy. The euro meanwhile dropped to a one-week low against the dollar.Crude prices bounced back above ninety dollars a barrel as unexpectedly big gains in US private sector jobs spurred optimism the economy was recovering at a faster pace.Meanwhile, copper saw another day of decline. The pace of decline however slowed from the previous session's swift slide. 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!
