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U.S. stocks score best monthly performance in years with strong rebound

Published: 31/03/2009 05:00

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Signs are pictured above the floor of the New York Stock Exchange, March 27, 2009. Wall Street rebounded from steep losses on Tuesday as a rally in financial and technology sectors led the U.S. stocks to best monthly performance in years. (Xinhua/Reuters Photo)

Shares of major banks were boosted by the news that Barclays, the third largest bank in Britain, declined to take part in a government asset-protection plan. Bank of America rose 79 cents, or 13.10 percent, to 6.82 U.S. dollars a share. Citigroup added 22cents, or 9.52 percent, to 2.53 dollars. JPMorgan gained 1.73 dollars, or 6.96 percent, to 26.58 dollars.

Technology shares helped to fuel the rally. Microsoft led the rise after it was upgraded from “neutral” to “buy” by brokerage Davenport. Microsoft shares added 5.1 percent to 18.37 dollars and contributed the most to the Nasdaq’s advance.

Investors basically shrugged off a series of mixed economic reports. The Standard & Poor’s/Case-Shiller index of home prices in 20 major cities tumbled by a record 19 percent from January 2008. It was the largest decline since the index started in 2000.

However, the New York-based Conference Board said on Tuesday that its Consumer Confidence Index rose to 26.0 in March from a revised 25.3 reading in February, halting three months of declines. Investors got alleviated upon the report, as consumer spending accounts for two thirds of the U.S. economy.

The Dow Jones rose 86.90 to 7,608.92. Broader indexes also perked up. The Standard & Poor’s 500 index climbed 10.34 to 797.87,and the Nasdaq increased 26.79 to 1,528.59.

VietNamNet/Xinhuanet

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