The New York Times
Mon, August 02, 2010 -- 4:16 PM ET
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Signs of Strength in Economy and Banking Lift Stocks; S.&P. 500 Up 2.2%
Wall Street began August with a broad surge on Monday
afternoon, fueled by positive news about bank earnings in
Europe and a survey that said American manufacturing was
stronger than expected in July.
The widely followed Standard & Poor's index of 500 stocks
climbed more than 24 points, or 2.2 percent, in preliminary
figures. The Dow industrials gained 208.44 points, or 1.99
percent, to close at 10,674.38.
While concerns over Europe have recently had an influence on
investor sentiment, the banks' earnings, results of the
European banking stress tests and purchasing managers' index
for the 16 countries that use the euro appeared to ease some
pessimism that a global credit crisis was imminent. In the
United States, investors saw positive signs in the Institute
for Supply Management's survey, which fell less than expected
in July, and in an unexpected rise in construction spending
reported for June.
Read More:
http://www.nytimes.com/2010/08/03/business/03markets.html?emc=na
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