Dow tops 11,000 benchmark for first time in 18 months
Traders work at the New York Stock Exchange(NYSE)in New York,the United States s,April 9,2010.The Dow Jones average index topped 11000 points for the first time in 18 months on Friday amid intraday trading as earning season to kick off next week.The Dow Jones average index topped 11,000 for the first time in 18 months on Friday as earning season to kick off next week.
Wall Street kept its sixth consecutive gain on Friday as worries over Greece waned and market sentiment was boosted by strong wholesale inventories and sales data.
The stocks opened higher in the morning followed European markets as investors were reassured that Greek debt problems were still under control.
Greek Finance Minister George Papaconstantinou said on Friday that Greece isn't planning to activate a joint European Union and International Monetary Fund rescue package outlined last month. Meanwhile, Germany said it saw no reason to doubt that Greece could refinance its debts.
Investors were also encouraged by positive U.S. economic data.
According to the Commerce Department, U.S. wholesale inventories rose 0.6 percent in February while sales of wholesalers were up 0.8 percent to a seasonally adjusted 338.66 billion dollars.
The numbers were far beyond expectations, lifting major indexes higher right after their release.
The rise in sales followed a 0.9 percent January advance and marked the 11th straight month that sales have been up. Analysts are hoping that the string of sales increases will give a boost to the economy.
Listed companies are set to report their first quarter earnings from next week, while investors believe that earnings would improve as the economic recovery is on the way.
The Dow Jones industrial average gained 70.28, or 0.64 percent, to settled at 10,997.35, after toping the 11,000 benchmark for the first time since September 2008. http://www.Examw.com
The Dow has been up 68 percent from a 12-year low of 6,547.05 on March 9, 2009. But it's still down 22 percent from its peak of 14,164.53 on October 2007.
The Standard & Poor's 500 index climbed 7.94, or 0.67 percent, to 1,194.37 and the Nasdaq was up 17.24, or 0.71 percent, to 2,454. 05
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