US stocks rebound on positive signs in economyApril 16th, 2009 - 6:58 am ICT by IANS
New York, April 16 (DPA) US stock markets rose Wednesday on signs of economic recovery as the Federal Reserve said a number of regions are reporting an easing of the country’s economic downturn.
The Federal Reserve said five of its 12 regional banks reported a “moderation in the pace of decline, and several saw signs that activity in some sectors was stabilizing at a low level,” according to the central bank’s Beige Book, a regional report on the economy.
The Fed’s report added to a series of better-than-expected indicators over the past few weeks that have suggested the economic crisis may have finally reached bottom, prompting an upswing in US stock markets. President Barack Obama on Tuesday called them
“glimmers of hope.”
The blue-chip Dow Jones Industrial Average was up 109.44 points, or 1.4 percent, to 8,029.62 points. The broader Standard & Poor’s 500 Index gained 10.56 points, or 1.3 percent, to 852.06. The technology-heavy Nasdaq Composite Index increased 1.08 points, or 0.1 percent, to 1,626.80.
The US currency rose against the euro to 75.68 euro cents from 75.37 euro cents on Tuesday. The dollar also gained against the Japanese currency to 99.39 yen from 98.92.
- Markets back in green after weak opening (Lead) - Apr 16, 2009
- Markets slip into red after positive opening (Second Lead, superseding earlier story) - Apr 16, 2009
- US stocks down across the board - Apr 15, 2009
- US stocks edge mixed (Lead) - Jan 25, 2012
- Wall Street ends mixed despite EU optimism - Nov 30, 2011
- US stocks edge higher amid Greek hope (Lead) - Feb 10, 2012
- US stocks climb on home sales, American Express results - Apr 24, 2010
- Indian markets rally for sixth straight week (Weekly market review) - Feb 12, 2012
- US stocks decline as Gulf oil spill continues - Jun 02, 2010
- Wall Street rises despite Euro zone concerns - Sep 14, 2011
- Wall Street rallies on European summit hopes - Oct 27, 2011
- Wall Street flat as investors weigh US data, Europe - Jan 05, 2012
- US stocks stay low for straight day - Dec 15, 2011
- US stocks mixed amid Greek debt talks (Lead) - Jan 28, 2012
- Wall Street snaps three-day rally - Aug 17, 2011
Tags: barack obama, beige book, blue chip, dow jones, dow jones industrial, dow jones industrial average, economic crisis, economic downturn, economic recovery, federal reserve, japanese currency, moderation, nasdaq composite index, positive signs, regional banks, regional report, s 500, stock markets, upswing, us currency