The US markets rally after a rocky session. A late surge of buying interest and a spike in trading volume helped all the three major indices to finish at their session's highs. The buying effort was largely focused on financial stocks which finished with a gain of 5.6% for the session. Techs remained underwater as Intel's lack of guidance rattled the sector.
In economic news, the Federal Reserve's "beige-book" report indicated that the pace of economic contraction may be slowing the New York Fed delivered a better-than-expected report on manufacturing.
March industrial production fell a more-than-expected 1.5%, while capacity utilization came in at 69.3%. Consumer prices for March slipped 0.1% against expectations of 0.1% increase. Core prices increased 0.2% against an expectation of 0.1%.
The Dow Jones industrial average rose 109.44 points, or 1.38%, to 8,029.62. The S&P 500 Index gained 10.56 points, or 1.25%, to 852.06. The NASDAQ Composite Index added 1.08 points, or 0.07%, to 1,626.80.
In economic news, the Federal Reserve's "beige-book" report indicated that the pace of economic contraction may be slowing the New York Fed delivered a better-than-expected report on manufacturing.
March industrial production fell a more-than-expected 1.5%, while capacity utilization came in at 69.3%. Consumer prices for March slipped 0.1% against expectations of 0.1% increase. Core prices increased 0.2% against an expectation of 0.1%.
The Dow Jones industrial average rose 109.44 points, or 1.38%, to 8,029.62. The S&P 500 Index gained 10.56 points, or 1.25%, to 852.06. The NASDAQ Composite Index added 1.08 points, or 0.07%, to 1,626.80.
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