US stocks rally on rising economic optimism

May 30th, 2009 - 6:35 am ICT by IANS  

New York, May 30 (DPA) Wall Street’s major stock indices jumped Friday as raw-materials producers, banks and transportation companies all benefited from growing confidence that the world economy is regaining momentum.
Winning listings outnumbers losers by 3-to-1 during Friday trading.

We continue to see reports globally that things are getting better economically,” James Paulsen, chief investment strategist at Wells Capital Management, told the Bloomberg financial news agency. “Basic materials and raw-materials stocks continue to move higher, driven by a weaker US dollar.”

The blue-chip Dow Jones Industrial Average added 96.53 points, or 1.15 percent, to 8,500.33.

The broader Standard & Poor’s 500 Index gained 12.31 points, or 1.36 percent, to 919.14. For the month, the index was up 5.2 percent.

The technology-heavy Nasdaq Composite Index rose 22.54 points, or 1.29 percent, to 1,774.33.

The US currency dropped against the euro to 70.632 euro cents from 71.67 euro cents Thursday. The dollar plummeted against the Japanese currency to 95.34 yen from 96.81 yen Thursday.

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