Wall Street continues spring rallyMay 9th, 2009 - 5:35 am ICT by IANS
New York, May 9 (DPA) Winning listings outnumbered losers by nearly seven to one on Friday, led by financial shares after the government announced late Thursday that top US banks had overall stronger balance sheets than widely believed.
A slowing rate of job losses helped spur broad gains on Wall Street.
The broad-based Standard & Poor’s 500 Index soared 21.84 points, or 2.41 percent, to 929.23, finishing the week higher for the eighth time in nine weeks. The index was up 5.9 per cent for the week and is now in positive territory for 2009.
The blue-chip Dow Jones Industrial Average rallied 164.8 points, or 1.96 percent, to 8,574.65. The technology-heavy Nasdaq Composite Index rose 22.76 points, or 1.33 percent, to 1,739.
The US currency plummeted against the euro to 73.343 euro cents from 74.71 euro cents Thursday. The dollar slipped against the Japanese currency to 98.469 yen from 99.07 on Thursday.
Tags: balance sheets, banks, blue chip, dow jones, dow jones industrial, dow jones industrial average, dpa, eighth time, financial shares, japanese currency, job losses, losers, nasdaq composite index, nine weeks, s 500, spring rally, us currency, wall street, yen