New York stocks leap on eased pessimism over U.S. economic outlook.
New York stocks shot up Friday, with the Dow index closing at its highest level in about two and a half months, amid receding pessimism over the outlook of the U.S. economy.
The 30-issue Dow Jones Industrial Average, which lost 40.72 points Thursday, gained 166.36 points, or 1.45 percent, to end at 11,644.49. The tech-heavy Nasdaq Composite Index, which climbed 15.51 the previous day, went up a further 47.61 points, or 1.82 percent, to 2,667.85.
Stocks drew buying, notably in energy and materials sectors sensitive to domestic economic trends, as U.S. retail sales posted a bigger-than-expected increase in September, market analysts said.
High-tech issues also attracted buyers on solid earnings results released the previous day by U.S. Internet search giant Google Inc. as well as on popularity of a new version of Apple Inc.'s iPhone launched Friday, the analysts said.
The market was also propped up by hopes for the ongoing meeting of financial chiefs from the Group of 20 leading economies in Paris who are expected to discuss the sovereign debt crisis in Europe, they said.
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|Publication:||Japan Weekly Monitor|
|Date:||Oct 17, 2011|
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