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Dow soars 260 points on falling oil prices, upbeat consumer data.

NEW YORK, July 29 Kyodo

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
Words:156
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