U.S. stocks make strong start in February
Frank Masiello, left, and Joseph Bragandi wear New York Giants football jerseys Wednesday as they work on the floor of the New York Stock Exchange. (Feb. 1, 2012) Credit: AP
U.S. stocks had a big January, and they're starting February strong, too.
Stocks climbed Wednesday after strong manufacturing data and encouraging reports about the Greek debt crisis. The Dow Jones industrial average closed within 100 points of its post-2008 financial crisis peak.
Factories raised output in January by the most in seven months, according to the Institute for Supply Management's manufacturing index. And the Commerce Department said construction spending rose 1.5 percent in December, the fifth straight monthly gain.
"This is a market that is hungry for good news, and when it gets it, it responds very positively," said Alan Gayle, senior investment strategist for RidgeWorth Investments.
The Dow rose 83.55 points, or 0.66 percent, to close at 12,716.46. It moved less than 100 points for the day for the 20th consecutive trading session. The Dow's highest close since 2008 is 12,810, in April 2011.
The Standard & Poor's 500 index rose 11.68, or 0.89 percent, to close at 1,324.09. The Nasdaq composite index rose 34.43, or 1.22 percent, to 2,848.27.
Investors are less worried about the European debt crisis, and earnings at American companies are generally meeting expectations. -- AP
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
Sarra Sounds Off, Ep. 15: LI's top basketball players On the latest episode of "Sarra Sounds Off," Newsday's Gregg Sarra and Matt Lindsay take a look top boys and girls basketball players on Long Island.
