- Obama warns Koran-burning would boost al Qaeda | Video
- Obama firm against tax cuts for rich
- B vitamins found to halve brain shrinkage in old
- Fidel Castro says Cuban model no longer works
- Economists cut U.S. growth forecast again
- Firm can't fire man for 1.8 cent theft
- Former singer with boy band LFO dies of leukemia
- Obama: U.S. can't afford to extend tax cuts for rich | Video
- Wall Street rises on upbeat economic data
- Health reforms trigger spending shift
| Report Title | Price |
|---|---|
|
Provider: Standard & Poor's STARS Report
|
$35.0
|
|
Provider: Stock Traders Daily
|
$18.0
|
|
Provider: New Constructs, LLC
|
$10.0
|
|
Provider: Pechala's Reports
|
$25.0
|
|
Provider: Plunkett Research, Ltd.
|
$199.0
|
NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.
S&P 500 hits 17-month high as banks lift Wall St
Related Video
A trader works on the floor of the New York Stock Exchange, March 8, 2010.
Credit: Reuters/Brendan McDermid
NEW YORK |
NEW YORK (Reuters) - The S&P 500 hit a 17-month closing high as rising bank shares led a late rally that lifted stocks on Thursday, more than offsetting worries China may move to cool its overheating economy.
Financial stocks added to recent sharp gains, helped in part by the possibility new banking regulations being studied by Congress could be watered down. The KBW bank index .BKX rose 1.7 percent to a fresh 16-month high of 50.92.
"There's an assessment now that the reform proposal will be diluted and will not have all the strident language that was initially thought," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
Citigroup (C.N) shares, up 5.6 percent to $4.18, were among the top gainers, after its chief executive told investors he views the troubled bank as "well positioned to return to sustained profitability.
The Dow Jones industrial average .DJI gained 44.51 points, or 0.42 percent, to 10,611.84. The Standard & Poor's 500 Index .SPX rose 4.63 points, or 0.40 percent, to close at 1,150.24. The Nasdaq Composite Index .IXIC added 9.51 points, or 0.40 percent, to 2,368.46.
Wall Street traded flat for most of the session as Chinese inflation spiked to a 16-month high and offered fresh arguments for monetary tightening in the world's third-largest economy.
Diversified manufacturer 3M CO (MMM.N) dipped 0.4 percent to $81.26.
The Nasdaq Composite rose for a sixth straight day, matching a streak that ended on February 18, with online retailer Amazon.com (AMZN.O) up 2.4 percent at $133.58, and leading gains in the tech-heavy index.
Other retailers also posted big gains a day ahead of the monthly retail sales data from the U.S. Department of Commerce. The S&P retail index .RLX added 0.8 percent.
The U.S. trade deficit narrowed unexpectedly as oil imports fell to their lowest level since February 1999, but exports slipped after rising in the eight previous months.
The S&P midcap index .MID rose for a twelfth consecutive day for the first time since 1996, according to data from Birinyi Associates.
About 8.1 billion shares traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, below last year's estimated daily average of 9.65 billion.
Advancing stocks outnumbered declining ones on the NYSE by a ratio of about 3 to 2, while on the Nasdaq, about 15 stocks rose for every 11 that fell.
(Reporting by Rodrigo Campos; Editing by Jan Paschal)
Hard to imagine jobless claims improving here and those state unemployment figures yesterday were a joke. S&P 500 sees 1100 before it hits 1175
I guess everyone is anticipating the Nov. elections and the return of sanity to our government.
This is getting very very weird.
There is now a total and absolute disconect between the real world economies and the Stock Market.
The stock market has made zero reference to the domestic and global economic conditions and news.
The economic news globally in the past week points to a number of critical problems in the US and European economies and a certain wind back in growth in China as it rushes to deal with accelerating inflation.
The upshot is this – growth will be very anaemic in the USA and Europe for a long time. AND growth in Asia / emerging economies will also now slow as China cuts back some.
So where is the profitability that makes the stock worth its current level? No prospect of good returns this or next year.
And the danger we have now with an over stretched market is we will certainly get the shock event from nowhere that always occurs after recessions.
There is no plausible rationale for the stock market being as high as it is and based on most recent global data it appears to be geting near 40% over valued.
A double dip recession is now a very strong possibility and the Wall Street idiots have set themselves and everyone else up for an even bigger crash.
OR is it as some analyst say the govt pumping money into the markets?
Very strange indeed.
