N.Y. stocks advance on growing hopes for global economic recovery.
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|
|Date:||Oct 18, 2010|
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