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N.Y. stocks advance on growing hopes for global economic recovery.

NEW YORK, Oct. 13 Kyodo

New York stocks advanced Wednesday, with the key Dow index briefly jumping more than 130 points, on growing expectations for a recovery of the global economy.

The 30-issue Dow Jones Industrial Average, which rose 10.06 points Tuesday, climbed 75.68 points to finish at 11,096.08, recovering to a closing level unseen since early May.

The tech-heavy Nasdaq Composite Index, which went up 15.59 points the previous day, added 23.31 points to 2,441.23.

Stocks drew buying on China's imports in September hitting a record high for the month, fueling hopes for a recovery of the world economy led by emerging countries, market analysts said.

Upbeat earnings results by U.S. companies such as JPMorgan Chase & Co. and Intel Corp. helped boost stocks further, they said.

In afternoon trading, stocks faced some moves to lock in profits after recent gains, they added.
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Publication:Japan Weekly Monitor
Geographic Code:9CHIN
Date:Oct 18, 2010
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