Wall Street went higher Monday, as investors digested declining rate on credit market and testimony from the Federal Reserve Chairman Ben Bernanke.
The credit markets continued showing signs of easing, which boosted Dow Jones briefly up more than 200 points in morning trading. The London interbank offered rate, or Libor, for three-month loans in U.S. dollars declined 36 basis points to 4.06 percent, the biggest drop in nine months, said the British Bankers' Association.
Meanwhile, investors awaited earnings from American Express Co. and Texas Instruments Inc., which are scheduled to report after the closing bell in the day. The market expected that earnings reports could tell more about whether the U.S. faces a recession. Halliburton, the world's second-largest oilfield-services provider, jumped over 10 percent, after the company's results surpassed expectations.
Investors also digested speech from Bernanke, who appeared Monday before the U.S. House Budget Committee. Bernanke said lawmakers should consider new measures to improve access to credit for consumers, homebuyers and businesses.
The Dow Jones rose 109.51 to 8,961.73. Broader indexes also turned higher. The Standard & Poor's 500 index advanced 12.91 to 953.46 and the Nasdaq rose 1.62 to 1,712.91.
Source: Xinhua
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