Sunday, September 5, 2010
Wall Street Surges After Good Reports
Growth in the United States and China helped boost stocks on Wednesday. Shortly after the market opened on Wednesday, it increased by more than 200 points and sustained gains to the closing on Wed. "The Dow Jones industrial average jumped 254.75 points, or 2.54 percent, to 10,269.47. The Standard & Poor’s 500-stock index rose 30.96 points, or 2.95 percent, to 1,080.29, while the Nasdaq composite index gained 62.81 points, or 2.97 percent, to 2,176.84." Interest rates were higher, and the manufacturing index rose. In order for the economy to keep growing, the manufacturing sector would also need to rely on construction, consumer spending and the export market (none of which has sustained growth). Also, ADP released data saying there was a decrease in the private sector by 10,000 jobs.
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It seems to me that every article in the news lately has been giving different information as to whether we're pulling out of the recession. This post obviously says yes, but the article I read contested that GDP was at a stand still these past 2 quarters and that unemployment is actually rising.
ReplyDeleteThe recession has divided the economy into two different categories of consumers, savers and spenders. It will be interesting to look out how this recent positive outlook will change the way consumers think.
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