It began with sharp declines following bleak reports about manufacturing and construction spending.
The first day of trading for the third quarter was raucous. It began with sharp declines following bleak reports about how manufacturing declined for a fourth straight month and construction spending was weak. And yet, all of our indexes closed up.
The Dow recovered from a loss of 114 points early in the day to end the day up 55.51 points, or 0.6%, to close at 9,040.95. The Nasdaq composite index rose 17.33 points, or 1.1%, to close at 1,640.06. The S&P 500 rose 7.81 points, or 0.8%, to end at 982.31. Our InformationWeek 100 rose 1.21 points, or 0.5%, to close at 249.83.
The Nasdaq-100 tracking stock closed at $30.29, up 34 cents, or 1.1% for the day on good volume of 94 million shares.
"We've had a 20% (market) gain--something we haven't seen in five years," Todd Leone, managing director of equity trading at SG Cowen Securities Corp., told the Associated Press. "Money managers aren't taking money off the table because they're afraid of missing another 20% rally. The market is really looking at the economy to come back."
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