Wall Street Opens Higher
Wall Street opened higher Monday after the Federal Reserve and other central banks added more cash to their banking systems, helping investors set aside some concerns about credit tightness.
The Fed said at the opening bell that it would add liquidity. That follows a move by the Bank of Japan to put $5 billion into the markets and an addition by the European Central Bank of $65.3 billion; the ECB added more than $200 billion last week. The moves, following similar injections by the Fed last week, placated Wall Street for now and allowed it to look ahead to a week of fresh economic data.
Investors appeared pleased with the Commerce Department's report that retail sales edged up 0.3 percent in July, slightly ahead of market expectations. Wall Street has been closely monitoring consumer spending, as it accounts for two-thirds of total economic activity.
After enduring sharp swings to the downside last week, the Dow Jones industrials and other major indexes ultimately finished the week with a modest gain. While stocks opened higher Monday, last week's trading showed that which is most predictable about the markets of late is high volatility.
In the opening minutes of trading, the Dow Jones industrial average rose 82.27, or 0.62 percent, to 13,321.81.
Broader stock indicators rose. The Standard & Poor's 500 index rose 10.12, or 0.70 percent, to 1,463.76, and the Nasdaq composite index rose 26.97, or 1.06 percent, to 2,571.86.Labels: Commerce Department, Fed, Liquidity, Wall Street
posted by Stock Administrator @ 9:43 AM
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Wall Street Opens Higher
Wall Street opened higher Monday after the Federal Reserve and other central banks added more cash to their banking systems, helping investors set aside some concerns about credit tightness.
The Fed said at the opening bell that it would add liquidity. That follows a move by the Bank of Japan to put $5 billion into the markets and an addition by the European Central Bank of $65.3 billion; the ECB added more than $200 billion last week. The moves, following similar injections by the Fed last week, placated Wall Street for now and allowed it to look ahead to a week of fresh economic data.
Investors appeared pleased with the Commerce Department's report that retail sales edged up 0.3 percent in July, slightly ahead of market expectations. Wall Street has been closely monitoring consumer spending, as it accounts for two-thirds of total economic activity.
After enduring sharp swings to the downside last week, the Dow Jones industrials and other major indexes ultimately finished the week with a modest gain. While stocks opened higher Monday, last week's trading showed that which is most predictable about the markets of late is high volatility.
In the opening minutes of trading, the Dow Jones industrial average rose 82.27, or 0.62 percent, to 13,321.81.
Broader stock indicators rose. The Standard & Poor's 500 index rose 10.12, or 0.70 percent, to 1,463.76, and the Nasdaq composite index rose 26.97, or 1.06 percent, to 2,571.86.
The Fed said at the opening bell that it would add liquidity. That follows a move by the Bank of Japan to put $5 billion into the markets and an addition by the European Central Bank of $65.3 billion; the ECB added more than $200 billion last week. The moves, following similar injections by the Fed last week, placated Wall Street for now and allowed it to look ahead to a week of fresh economic data.
Investors appeared pleased with the Commerce Department's report that retail sales edged up 0.3 percent in July, slightly ahead of market expectations. Wall Street has been closely monitoring consumer spending, as it accounts for two-thirds of total economic activity.
After enduring sharp swings to the downside last week, the Dow Jones industrials and other major indexes ultimately finished the week with a modest gain. While stocks opened higher Monday, last week's trading showed that which is most predictable about the markets of late is high volatility.
In the opening minutes of trading, the Dow Jones industrial average rose 82.27, or 0.62 percent, to 13,321.81.
Broader stock indicators rose. The Standard & Poor's 500 index rose 10.12, or 0.70 percent, to 1,463.76, and the Nasdaq composite index rose 26.97, or 1.06 percent, to 2,571.86.
Labels: Commerce Department, Fed, Liquidity, Wall Street
posted by Stock Administrator @ 9:43 AM
0 Comments
