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N.Y. stocks stay firm on receding concern over U.S. economic outlook.

NEW YORK, Aug. 31 Kyodo

New York stocks remained firm Wednesday, with the Dow advancing for the fourth straight trading day to a four-week closing high, on receding concern over the outlook for the U.S. economy.

The 30-issue Dow Jones Industrial Average, which rose 20.70 points Tuesday, added 53.58 points to end at 11,613.53. The Dow, however, still closed the month 529 points lower. The tech-heavy Nasdaq Composite Index, which climbed 14.00 points the previous day, edged up a further 3.35 points to 2,579.46.

Stocks drew buying on better-than-expected U.S. economic figures, including a jump in factory orders in July, with the Dow briefly rising 150 points, market analysts said.

Financial issues in particular attracted buyers amid persistent hopes for additional credit easing by the U.S. Federal Reserve, the analysts said.

In contrast, telecommunications shares faced massive selling after the U.S. Department of Justice filed suit to block AT&T Inc.'s proposed $39 billion acquisition of T-Mobile USA, saying it would raise prices for consumers and reduce competition in the wireless market, they added.
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Publication:Japan Weekly Monitor
Geographic Code:1U2NY
Date:Sep 6, 2011
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