Dow soars 260 points on falling oil prices, upbeat consumer data.
The Dow Jones index soared more than 260 points on Tuesday as traders were heartened by a fall in crude oil prices and a rise in consumer confidence data.
The 30-issue Dow Jones Industrial Average finished at 11,397.56, up 266.48 points from Monday's finish. It was the sixth biggest single-day gain this year.
The tech-laden Nasdaq Composite Index surged 55.40 points to 2,319.62.
Buying gathered steam after crude oil prices plunged to around
$120 per barrel. The benchmark crude oil contract has been falling for the past two weeks after posting a record $147.27 on July 11.
Shares were bought across the board, including financial issues that had slumped amid the subprime loan crisis.
Traders were also heartened by a better-expected reading for the July Conference Board index.
''Traders felt comfortable buying shares following a fall in crude oil prices,'' a market analyst said.
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|Publication:||Japan Weekly Monitor|
|Date:||Aug 4, 2008|
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