Wall St extends rally to third day
Blue chip stocks again made triple-figure gains as Europe took steps to stem the region's debt crisis.
Stocks on Wall rose for a third day of triple-figure gains in blue chips as Europe took steps to stem the region's debt crisis.
Investors also had good news on the domestic front with US retailers reporting better-than-expected September sales.
The Dow Jones Industrial Average finished up 183.38 points, or 1.7%, to 11,123.33, closing near session highs (9am NZ time). Alcoa, which is sensitive to swings in the global economy, was one of the biggest gainers, rising 5.4%.
The S&P 500 index rose 1.8% to 1164.97 while the technology-oriented Nasdaq Composite jumped 1.9% to 2506.82.
Apple's shares were steady throughout the session despite the news that Steve Jobs, the company's chairman and co-founder, had died at 56 years. The stock closed down 0.2%.
European and Asian markets finished broadly higher. The Stoxx Europe 600 rose 2.7% as the while the European Central Bank said it would begin buying covered bank bonds again in November, and would hold two separate tenders of year-long refinancing to euro-zone banks..
London's FTSE 100 index jumped 3.2% after the Bank of England surprised investors by increasing its bond-purchase programme.
In Asia, Hong Kong's Hang Seng Index jumped 5.7%, while Japan's Nikkei Stock Average gained 1.7%.
Commodities: Oil, gold advance
Oil futures posted strong gains for the second day. Light, sweet crude for November delivery rose $US2.91, or 3.7%, to settle at $US82.59 a barrel in New York.
November Brent crude contracts on the ICE Futures Europe exchange were up $US3, or 2.9%, at $US105.73 a barrel.
Gold futures edged higher. The most actively traded gold contract, for December delivery, rose $US11.60, or 0.7%, to settle at $US1,653.20 an ounce in New York.
Nevil Gibson
Fri, 07 Oct 2011
Fri, 07 Oct 2011
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Wall St extends rally to third day
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