Dow ends best 6 weeks since 1938 on economic hopes
NEW YORK, April 18 — US stocks rose yesterday, with the Dow scoring its biggest six-week gain since July 1938, helped by a reassuring report on the mood of consumers and stabilisation in General Electric and Citigroup's quarterly results.The Dow is up 22.7 per cent over the past six weeks, making this the largest six-week gain since July 29, 1938.
Yesterday's close also marked the S&P 500's longest weekly winning streak since 2007.
The Reuters/University of Michigan survey showed that US consumers have more confidence in the economy than they have had since the sudden collapse of Lehman Brothers in September, the latest in a spate of data suggesting the economic slump may be easing.
GE and Citigroup both posted better-than-expected results, lifting the broader market, and bank stocks rallied as investors bet other financial companies could follow up with more news showing the sector is on the mend.
Among banks, shares of Bank of America, due to post quarterly results on Monday, climbed 2.5 per cent to US$10.60. The KBW Bank index climbed 3.4 per cent and has come close to more than doubling since its March lows. GE shares gained almost 1 per cent to US$12.39.
On Nasdaq, a 1.6 per cent gain in the shares of Apple, the maker of the iPhone and iPod, underpinned the technology sector's advance ahead of Apple's quarterly results next week.
"Apple is probably going to have positive things to say," added Lutz.
Apple's stock closed at US$123.42, while Google gained 0.9 per cent to US$392.24, a day after posting a stronger-than-expected quarterly profit.
Also underpinning the market's advance were the gains in the shares of companies seen better able to withstand economic downturns.
Shares of fast-food company McDonald's Corp rose 2.5 per cent to US$56.09 after its chief executive told CNBC that he saw "some thawing" in economic conditions. The stock gave the top boost to the Dow.
Deutsche Bank said Procter & Gamble, Colgate-Palmolive and Kimberly-Clark Corp were undervalued at current levels. P&G rose 2.4 per cent to US$51.66, making it the Dow's second-biggest advancer, while shares of diversified health-care company Johnson & Johnson added 1.6 per cent to US$53.05.
Profit-taking ahead of the weekend, however, tempered some of the upside, according to traders.
Citigroup reported a smaller-than-expected first-quarter loss, but its shares dropped almost 9 percent to US$3.65 as some investors paused following the stock's strong run-up since early last month when the bank said, along with others, it had had a good start to 2009.
Trading was active on the New York Stock Exchange, where about 1.95 billion shares changed hands, above last year's average daily volume of 1.49 billion. On the Nasdaq, about 2.42 billion shares traded, above last year's average daily volume of 2.28 billion.
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发表于 17-4-2009 11:23 PM
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