Wall Street up for third day as retail sales cheer
WALL STREET rose for a third straight day yesterday as investors were encouraged to see jobless claims fall and a handful of large retailers report solid sales.
Stocks have regained their footing after a slew of poor data had raised fears of a double-dip recession. But low market volume suggested investors are still skeptical, and few expect to see a sustained rally.
The Dow rose more than one per cent, bolstered by late-day buying. Consumer staples were the S&P’s best-performing sector, with Costco Wholesale rising 2.6 per cent at $55.71. The sector gained 1.5 per cent.
The Dow Jones industrial average was up 120.71 points, or 1.20 per cent, at 10,138.99. The Standard & Poor’s 500 Index was up 9.98 points, or 0.94 per cent, at 1,070.25. The Nasdaq Composite Index was up 15.93 points, or 0.74 per cent, at 2,175.40.
About 8.1bn shares traded on the New York Stock Exchange, the American Stock
Exchange and Nasdaq, well below last year’s estimated daily average of 9.65bn.