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Last updated at: (Beijing Time) Thursday, November 28, 2002

Wall Street Stocks Surge on Positive Economic News

Wall Street barreled higher Wednesday, lifting the Dow Jones industrials more than 250 points, as investors celebrated a string of positive economic data including a jump in consumer spending. The rally brought the market's major indexes back to levels not seen since the summer.


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Wall Street barreled higher Wednesday, lifting the Dow Jones industrials more than 250 points, as investors celebrated a string of positive economic data including a jump in consumer spending. The rally brought the market's major indexes back to levels not seen since the summer.

Analysts said the trio of solid reports assuaged investors' concerns that the economy could slip back into recession. Trading was light in the pre-holiday session, but the sharp advance defied expectations that stocks would pull back after nearly two months of rallies on Wall Street.

With the markets shut on Thursday and just a half day of trading on Friday, stocks are poised to end with a seventh consecutive week of gains. The Dow rose 255.26, or 2.9%, at 8931.68. The last time the Dow closed higher was Aug. 22 when it stood at 9053.60. The Nasdaq soared 43.51, or 3%, to 1487.94. The Standard & Poor's 500 index advanced 25.56, or 2.8%, to 938.87.

In another sign of the market's growing momentum, the Dow enjoyed its best day before Thanksgiving ever, surpassing the 2.5% gain seen in 1957, according to Markethistory.com, a financial research Web site.

Wednesday's gains followed a report from the Commerce Department saying consumers ratcheted up their spending by 0.4% in October. It was the biggest increase in three months, and an improvement over September's 0.4% dip.

Investors have been paying close attention to news about consumers, whose spending accounts for two-third of the economy and who retailers are counting on for a decent holiday shopping season.

Source: Agencies




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