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US Stocks Push Higher In Early Trading
Legal Business |
2011/09/07 07:55
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Management changes at Bank of America and Yahoo helped lead U.S. stocks higher after a three-day losing streak.
The Dow Jones Industrial Average surged 154 points, or 1.4%, at 11293 in morning trading. The Standard & Poor's 500-stock index advanced 21 points, or 1.8%, to 1186, while the Nasdaq Composite ran up 45 points, or 1.8%, to 2519.
Leading the gainers were financial stocks, with shares of Bank of America rallying 4.4% after the nation's biggest bank shook up its management team. The Charlotte, N.C. bank ousted the heads of its wealth-management and consumer-banking units, Sallie Krawcheck and Joe Price, and installed David Darnell and Thomas Montag as co-chief operating officers.
Other banks pushed higher, with Morgan Stanley gaining 3.6% and Citigroup adding 2.9%.
Also strong were energy stocks, as oil surged to above $88 a barrel. Chevron added 2.8% and Exxon Mobil advanced 1.8%.
Technology stocks also fared well, with Yahoo getting a 5.1% lift after the company said Carol Bartz had been removed as chief executive. It named Chief Financial Officer Tim Morse as the interim CEO.
The Dow is looking to snap a three-day decline that has sent the major indexes down by 4% or more. On Tuesday, the Dow fell more than 300 points in early trading before paring losses to end down 101 points.
On Wednesday, stocks also got a boost from overseas, with European markets broadly higher. The German DAX index surged 3.7% and the Stoxx Europe 600 rose 2.6% after a German court upheld the legality of the first Greek bailout package and the creation of the European Financial Stability Facility. Also helping was a boost in German industrial production, which registered month-on-month gains of 4% in July, well above estimates for a slight gain.
Also helping lift sentiment were reports that President Obama's jobs plan, to be announced Thursday, could amount to stimulus of between $300 billion to $400 billion over the coming year and include payroll-tax holidays, spending on infrastructure and aid to state and local governments.
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