The Dow Jones industrial average was back in positive territory for the year after stocks rose Wednesday morning for the fourth straight day.
A report from the Commerce Department said that factory orders grew in July more than economists expected, dampening fears that the economy is heading back into recession. A seperate report showed that private businesses added employees in August, though fewer than in July.
The Dow was recently trading up 116.17 points, or 1.0%, at 11,676.12. That is nearly 100 points higher than where the blue-chip index began the year. Thanks to the market plunge earlier this month, the Dow is still well below the highs reached in late April and July.
The broader Standard & Poor's 500 index is still in negative territory for the year.
RELATED:
Home prices notch third straight monthly gain
Bernanke and Buffett try the feel-better approach
August consumer confidence lowest in more than 2 years
-- Nathaniel Popper
Photo: Spencer Platt / Getty Images
No comments:
Post a Comment