N.Y. stocks advance on GM news, stable oil prices.NEW YORK, March 22 Kyodo
New York stocks rallied broadly Wednesday, helped by news reports that General Motors Corp., Delphi Corp. and the United Auto Workers The United Auto Workers (UAW), headquartered in Detroit, Michigan, officially the United Automobile, Aerospace & Agricultural Implement Workers of America International Union union reached an agreement on measures to support the ailing Delphi, as well as by stable crude oil futures.
The blue-chip Dow Jones Industrial Average Dow Jones Industrial Average
The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. rebounded 81.96 points, or 0.73 percent, from the previous day to 11,317.43, its highest level since May 2001. Wednesday's gain marks the first in three trading days.
The technology-laden Nasdaq Composite Index Nasdaq Composite Index
An index that indicates price movements of securities in the over-the-counter market. It includes all domestic common stocks in the Nasdaq System (approximately 5,000 stocks) and is weighted according to the market value of each listed rallied 9.12 points, or 0.40 percent, to 2,303.35.
The agreement between GM, Delphi, an auto parts supplier once owned by GM, and the UAW has made it most likely that a strike planned by Delphi workers will be averted, encouraging investors to seek a variety of blue-chip issues, thus lifting the Dow, traders said.
The upward pace later gathered steam mainly because no volatile moves were seen in crude oil futures.
The rise of the Nasdaq index was limited, however, after software titan Microsoft Corp. said Tuesday it has postponed the launch of its next-generation operating software.