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Wall Street rallies on CIT deal, positive economic data

Published: 20/07/2009 05:00

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Traders work on the trading floor in New York Stocks Exchange, the United States, July 20, 2009. Wall Street rallied on Monday as CIT Group reached a deal with key bondholders while a reading of economic indicators topped estimates. The Dow Jones average rose 104.21, or 1.2 percent, to 8,848.15. The S&P 500 index rose 10.75, or 1.1 percent, to 951.13, its best finish since November’s lows. The Nasdaq composite index rose 22. 68, or 1.2 percent, to 1,909.29. (Xinhua/Shen Hong)

Meanwhile, market sentiment was also boosted as Goldman Sachs Group Inc. raised its year-end target for the benchmark S&P 500 index by almost 13 percent to 1,060 from 940.

On economic news, the Conference Board’s gauge of the economic outlook for the next three to six months increased 0.7 percent in June, beating expectations and reinforcing signs the economy may be emerging from the worst recession since World War II.

Among the earnings news, toy maker Hasbro Inc.’s profit rose 5 percent, beating expectations, as strong U.S. revenue offset international sales hurt by the stronger dollar.

The Dow Jones average rose 104.21, or 1.2 percent, to 8,848.15. The S&P 500 index rose 10.75, or 1.1 percent, to 951.13, its best finish since November’s lows. The Nasdaq composite index rose 22.68, or 1.2 percent, to 1,909.29.

VietNamNet/Xinhuanet

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