The Dow Jones industrial average was 168.43 points, or 1.36%, to 12,582.77.
Credit: Reuters/GraphicBy Ryan VlastelicaNEW YORK | Friday 1st Jul 2011 10: 41 am EDT
NEW YORK (Reuters) - Stocks began in July with a bang Friday with Wall Street marking its best week in two years on manufacturing data solid which facilitated the fears of slower growth.
Data spurred the rally in a fifth consecutive day, while light continues trading volume called into question the sustainability of the gains.
Investors grew more optimistic a day after a temporary resolution to the situation of the Greece debt. The S & P 500.SPX climbed more above its moving average 50 days to 1,317 resistance, establishing another floor on the market after the benchmark index moved above a number of technical resistance levels.
"The magnitude of the displacement of today is probably due to light volume," said John Norris, General Manager of asset management with Oakworth Capital Bank in Birmingham, Alabama. "We will take positive movement, but we can get, but gains could prove to be somewhat illusory."
Volume was light, with shares of $ 6.2 billion traded on the New York Stock Exchange, the American Stock Exchange and Nasdaq, well below 7.55 billion as a daily average of the year.
Advance of the day is broad, with about five stocks on the rise for all those who have fallen to the New York Stock Exchange. On the NASDAQ Stock Exchange, nearly three stocks rose for all those who have fallen.
The pace of growth in the manufacturing sector picked up for the first time in four months, with a national activity index plant amounting to 55.3 in June of 53.5 in may, Institute of management (ISM) data showed.
The ISM survey built on data from the regional company surprisingly strong Thursday, reversing a recent trend of lower than expected data.
Norris said that while data were encouraging, poll of the week next non-manufacturing ISM is most important for investors.
"This news is great, but the production is a small segment of the economy that does not mean too much for the GDP,"he says."
The Dow Jones industrial average.DJI was 168.43 points, or 1.36%, to 12,582.77. Standard & Poor 500 Index.SPX rose 19.03 or 1.44% to 1,339.67 points. The Nasdaq.IXIC Composite index was up to 42.51 points or 1.53%, to 2,816.03.
The S & P increased 5.6% for the week, while the Dow Jones gained 5.4% and the Nasdaq added 6.2%. For all three indexes, it was their biggest weekly gain of percentage since July 2009.
Led consumer discretionary stocks advance day but trading volume was well below the prior average of the Fourth of July long end of week of vacation. Index S & P of discretionary in the consumer sector.GPSD has gained 2 percent, led by the education group Apollo (Palo.O) firm, which was one of winners of the S & P high percentage, 6.4 per cent to $46.47.
Late Thursday, said Apollo believes that all of its academic programs meet standards set by the rule of the key to education.
Investors focused on U.S. data, while the latest data overseas are thinking. Out of the United States, the global manufacturing sector lost steam for a second month running, investigations showed.
Ford Motor (f.n.) has increased by 1.7% $14.02 after the automaker said June sales 14% increase. General Motors (GM).(N) has increased by 0.7% to $30.58 after the company reported profit lower than expected sales in June United States. But the society considers that "temporary" tepid growth, U.S. sales Chief Don Johnson of GM told journalists.
Oshkosh Corp. (OSK.)(N) sweeping 13.9% to $32.95 after Carl Icahn has stated that he wanted to meet the author of specialty truck management to discuss the improving shareholder value. The billionaire investor owned approximately 9.5% of the shares in Oshkosh on 20 June.
Disadvantage, Eastman Kodak Co (EK).(N) lost 14.2% to $3.07 after a panel of trade U.S. confirmed parts of an unfavourable to the company in a struggle of patents on digital camera technology in cell phones.
(Reports by Ryan Vlastelica;) (Editing by Jan Paschal)
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