Related News
Stocks extend September rally after jobs report
Source: Agencies |
September 4, 2010, Saturday
|
Online Edition
Online Edition
THE stock market had its first winning week in a month thanks to better news on the economy.
The Dow Jones industrial average jumped 128 points yesterday, its fourth straight day of gains. The strong start to September marked a turnaround from a dismal performance in August.
A better-than-expected report on employment yesterday was the latest piece of improving news on the economy. Stocks also gained earlier this week following signs that manufacturing was gaining in the U.S. and China.
Even after its four-day run, which added 438 points to the Dow, the index is still 6.8 percent below the 2010 high it reached on April 26. Stocks had eased slighlty after a report showed that the services sector didn't grow as fast as hoped in August.
The Labor Department said private employers added 67,000 jobs in August, more than analysts polled by Thomson Reuters had forecast. But that's still a far cry from what economists say is a healthy level for the economy.
"We need to get that number over 100,000 to feel comfortably that we won't slip back into recession," said Bill Hampel, chief economist for the Credit Union National Association. "We need it over 150,000 to feel confident we have a nice, sustainable recovery."
The Dow closed up 127.83, or 1.2 percent, at 10,447.93.
Broader indexes also rose. The Standard & Poor's 500 Index rose 14.41, or 1.3 percent, to 1,104.51, while the Nasdaq composite index rose 33.74, or 1.5 percent, to 2,233.75.
About three stocks rose for every one that fell on the New York Stock Exchange, where volume was relatively light at 950 million shares.
Bond prices fell as sentiment on the economy improved, sending interest rates higher. The yield on the 10-year Treasury note jumped to 2.71 percent from 2.63 percent late Thursday. Its yield is often used as a gauge to set interest rates on mortgages and other consumer loans.
The Dow Jones industrial average jumped 128 points yesterday, its fourth straight day of gains. The strong start to September marked a turnaround from a dismal performance in August.
A better-than-expected report on employment yesterday was the latest piece of improving news on the economy. Stocks also gained earlier this week following signs that manufacturing was gaining in the U.S. and China.
Even after its four-day run, which added 438 points to the Dow, the index is still 6.8 percent below the 2010 high it reached on April 26. Stocks had eased slighlty after a report showed that the services sector didn't grow as fast as hoped in August.
The Labor Department said private employers added 67,000 jobs in August, more than analysts polled by Thomson Reuters had forecast. But that's still a far cry from what economists say is a healthy level for the economy.
"We need to get that number over 100,000 to feel comfortably that we won't slip back into recession," said Bill Hampel, chief economist for the Credit Union National Association. "We need it over 150,000 to feel confident we have a nice, sustainable recovery."
The Dow closed up 127.83, or 1.2 percent, at 10,447.93.
Broader indexes also rose. The Standard & Poor's 500 Index rose 14.41, or 1.3 percent, to 1,104.51, while the Nasdaq composite index rose 33.74, or 1.5 percent, to 2,233.75.
About three stocks rose for every one that fell on the New York Stock Exchange, where volume was relatively light at 950 million shares.
Bond prices fell as sentiment on the economy improved, sending interest rates higher. The yield on the 10-year Treasury note jumped to 2.71 percent from 2.63 percent late Thursday. Its yield is often used as a gauge to set interest rates on mortgages and other consumer loans.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
