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S&P tops 1,000 benchmark for first time in nine months

Published: 03/08/2009 05:00

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Wall Street rallied on Monday with the Standard & Poor’s 500 index topping the 1,000 benchmark for the first time in nine months as manufacturing activities around the world showed signs of improvement.

Traders work on the floor of the New York Stock Exchange, August 3, 2009.(Xinhua/Reuters Photo)

The U.S. Institute for Supply Management, a trade group of purchasing executives, said its manufacturing index read 48.9 in July, up from 44.8 in June. That’s the slowest decline since August 2008 and better than the 46.2 reading analysts had expected. While the reading was below 50, the level separating contraction from expansion.

Latest data from China and Europe also indicated manufacturing is expanding, a sign of support for oil and other commodities like copper. Energy and basic material stocks, therefore, gained momentum and led the market rally.

Financials are among the best performers, after Barclays PLC said its first-half net profit increased 10 percent on stronger earnings from its investment banking division.

Moreover, Ford Motor Co., the only major U.S. automaker to forgo federal aid, also boosted the market sentiment, as the automaker posted its sales climbed 2.3 percent in July, the first monthly sales increase in two years.

The Dow Jones industrial average was up 114.95 points, or 1.25 percent, to 9,286.56. The Standard & Poor’s 500 index rose 15.15 points, or 1.53 percent, to 1,002.63.

The Nasdaq closed above 2,000 for the first time since early October. The index advanced 30.11 points, or 1.52 percent, to 2,008.61.

VietNamNet/Xinhuanet

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