N.Y. stocks rally on hopes for U.S. economic recovery.
New York stocks rallied Monday, with the Dow index rebounding for the first time in five trading days on expectations for U.S. economic recovery.
The 30-issue Dow Jones Industrial Average, which fell 25.77 points last Friday, jumped 291.23 points, or 2.59 percent, to 11,523.01. The technology-heavy Nasdaq Composite Index, which shed 18.57 points last Friday, surged 85.83 points, or 3.52 percent, to 2,527.34.
Stocks drew across-the-board buying amid growing optimism about the outlook for U.S. consumer spending after the U.S. retail industry said it expects sales over the Thanksgiving weekend to hit record levels, signaling a strong start to the U.S. year-end shopping season, market analysts said.
Investor sentiment was also improved by expectations that finance ministers from the 17-nation eurozone will work out measures to strengthen the region's rescue fund, the European Financial Stability Facility, during their meeting on Tuesday, the analysts said.
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|Publication:||Japan Weekly Monitor|
|Date:||Dec 5, 2011|
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