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Wall Street stock markets edge to fresh highs | |
(6 months later) | |
(Close): Wall Street continued its recent rally, with the Dow Jones and S&P 500 indexes inching to new records. | (Close): Wall Street continued its recent rally, with the Dow Jones and S&P 500 indexes inching to new records. |
Stock markets have been bolstered by central banks' stimulus measures aimed at reviving flagging economic growth. | Stock markets have been bolstered by central banks' stimulus measures aimed at reviving flagging economic growth. |
The Dow Jones rose 7.84 points to 17,817.9, while the S&P rose 5.9 points to 2,069.4. The Nasdaq was 41.9 points better at 4,754.89. | The Dow Jones rose 7.84 points to 17,817.9, while the S&P rose 5.9 points to 2,069.4. The Nasdaq was 41.9 points better at 4,754.89. |
"You clearly have momentum favouring stocks right now," said Blackrock chief investment strategist Russ Koesterich. | "You clearly have momentum favouring stocks right now," said Blackrock chief investment strategist Russ Koesterich. |
Retailers including Coach, Urban Outfitters and Gap were gainers on expectations that consumers will start spending ahead of the Christmas period. | Retailers including Coach, Urban Outfitters and Gap were gainers on expectations that consumers will start spending ahead of the Christmas period. |
Telecommunications stocks were among the day's biggest losers. Verizon and AT&T fell after analysts at Citigroup published a gloomy review of the sector and predicted a tough year ahead for the two companies. Verizon fell 1.4%. | Telecommunications stocks were among the day's biggest losers. Verizon and AT&T fell after analysts at Citigroup published a gloomy review of the sector and predicted a tough year ahead for the two companies. Verizon fell 1.4%. |
Earlier on Monday, European shares were boosted by a survey from Germany which said business confidence had risen for the first time in six months. | Earlier on Monday, European shares were boosted by a survey from Germany which said business confidence had risen for the first time in six months. |
The Ifo think-tank, which produced the survey, said the downturn in Germany's economy "has ground to a halt for the moment". | The Ifo think-tank, which produced the survey, said the downturn in Germany's economy "has ground to a halt for the moment". |
Also boosting the markets were hopes that China could take more action, following Friday's surprise cut in interest rates. | Also boosting the markets were hopes that China could take more action, following Friday's surprise cut in interest rates. |
The dollar resumed its climb against the Japanese yen. The US currency rose to 118.26 yen from 117.79 yen Friday. The euro rose to $1.2439 from $1.2360. | The dollar resumed its climb against the Japanese yen. The US currency rose to 118.26 yen from 117.79 yen Friday. The euro rose to $1.2439 from $1.2360. |
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