US stocks gain to start new yearBy DPA, IANS
Monday, January 3, 2011
NEW YORK - US stocks posted broad gains Monday on the first trading day of the new year, with some manufacturing data boosting investor optimism for a more broad-based economic recovery in 2011.
A private gauge of manufacturing in the US climbed at its fastest rate in seven months in December, while a similar measure of the manufacturing sector in Europe also rose more than expected.
US President Barack Obama’s administration is hoping that stronger growth in the US economy will finally reduce unemployment, which has held close to 10 percent since early 2009.
The Dow Jones Industrial Average gained 93.24 points, or 0.81 percent, to 11,670.75. The broader Standard & Poor’s 500 Index gained 14.23 points, or 1.13 percent, to 1,271.87. The technology-heavy Nasdaq Composite Index jumped 38.65 points, or 1.46 percent, to 2,691.52.
Investors hope to continue last year’s trend, which saw some of the most positive figures for US stocks since the start of the 2008 financial crisis. All three major indices climbed more than 11 percent.
On Monday, the US currency rose against the euro to 74.87 euro cents from 74.72 euro cents Friday. The dollar climbed against the Japanese currency to 81.72 yen from 81.12 yen.