Dow Soars Above 10,000

Dow Soars

Retailers Perform

Stocks have rallied convincingly in New York, as investors’ hopes for the profit reporting season rose and a report showed retailers are performing well.

The Dow Jones Industrial Average has climbed 274.66 points or 2.82 per cent 10,018.28. The Standard and Poor’s 500 closed 32.21 points higher at 1,060.27. The Nasdaq has risen 65.59 points to 2,159.47.


Better than expected Outlook

Traders’ confidence was lifted by a much better than expected earnings outlook from the wealth manager State Street, which helped boost financial stocks.
American Express closed more than 4 per cent higher.


Sales Growth

A report from the International Council of Shopping Centers also bolstered optimism, showing sales rose at their fastest rate in June. The yield on US Treasuries rose and the US dollar fell, as funds were withdrawn from the safe haven assets in favor of more risky options. In the UK, the FTSE 100 extended the previous session’s gain with a 49.82 point rise to 5,014.82. BHP Billiton PLC added 0.68 per cent, but Rio Tinto PLC fell 0.14 per cent.

In Germany, the DAX 30 jumped 51.88 points and the CAC 40 rose 60.08 points in France.

In Australian futures trade, the SPI 200 is pointing to a rise today after the local market lost slightly more than 20 points yesterday.

At 7:30am (AEST) it was up up 85 points at 4,332.


Australian Dollar Up

The Australian dollar’s had a solid overnight rise against the key currencies.
It was worth 86.39 US cents, 75.77 Japanese yen, 56.92 British pence and 68.39 euro cents.
Spot gold was up at US$1,202.15 an ounce.
West Texas Crude oil was also higher at US$74.85 a barrel.