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Stocks kickoff September showing strong gains in early trading
By Alan Fein
(AXcess News) New York - The Dow opened higher Wednesday morning, showing strong gains for the first day of September rising more than 236 points, or 2.36%, to trade at 10, 251.
A report from MasterCard showed consumer restraint in spending levels in August, though the overall result year-over-year was considered good in the current economic state which helped sooth worries about a possible double-dip recession before the open of trading this morning.
The latest report from Challenger shows employers only cut 34,000 jobs in August, the lowest the level in 10 years. August job cuts were down 17 percent from the 41,676 cuts announced in July, according to the report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc. This marks the first decline following three consecutive months of increases.
The market took Challengers report in stride though foreign reports on trade where seen as more favorable.
China reported gains in August manufacturing which was the first postive month in four. Australia also reported economic growth in the second quarter, its fastest pace in three years.
The S&P 500 index, whose underlying stocks are heavily influenced by foreign sales, gained more-than 27 points, or 2.64%, to trade at 1,077. While the tech-heavy Nasdaq National Market Index climbed 56.6 basis points, or 2.68%, at 2,170.
The benchmark 10-year treasury note rose 1.0300 to yield 2.58%.
Gold was marginally lower, down 70 cents, or 0.06%, at $1,247.60 and crude oil showed movement into positive territory at $73.73 per barrel for a gain of $1.81, or 2.52%.
Top movers in New York trading volume this morning were Citigroup (NYSE: C), rising 2.45%. Bank of America (NYSE: BAC), gained 3.43%, Wells Fargo (NYSE: WFC) rose 3.65%, General Electric (NYSE: GE) gained 3.53% and Ford Motor Co. (NYSE: F) traded up 3.59%.
On the Nasdaq, tech stocks lead volume actiivity with Microsoft (Nasdaq: MSFT) rising 1.64%, Cisco Systems (Nasdaq: CSCO) climbed 2.98% and Intel Corp. (Nasdaq: INTC) rose 3.31%.
