The New York Times
Thu, May 27, 2010 -- 9:50 AM ET
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U.S. Stocks Open Higher After Gains in Europe; S.& P. 500 Jumps Nearly 2% in First Minutes
Shares on Wall Street quickly jumped at the open on Thursday,
mostly on assurances by Chinese authorities that Europe would
remain an important market for investment, and despite new
economic data that was somewhat disappointing.
In early trading, the Dow Jones industrial average was 170.59
points or 1.7 percent higher. The broader Standard & Poor's
500-stock index rose 1.9 percent and the technology heavy
Nasdaq was up 2.25 percent. Both followed strong gains on
European exchanges.
Before the open in New York, the government reported that the
economy grew at a 3 percent annual rate in the first quarter,
slightly less than the initial estimate of 3.2 percent.
Economists had expected growth of 3.4 percent. In addition,
filings for first-time unemployment claims dropped less than
expected.
But neither report overshadowed a statement by the People's
Bank of China dismissing reports that it was considering
pulling back from euro-zone debt investments.
Read More:
http://www.nytimes.com/2010/05/28/business/28markets.html?emc=na
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