Wednesday, March 14, 2012

US stocks extend gains on rising growth hopes

US stocks inched higher in opening trade Wednesday, extending the prior day's massive rally after the Federal Reserve gave a slightly improved outlook on the economy's growth prospects.

Investors were also digesting news after Tuesday's closing bell that most big US banks had passed the Fed's stress test, but four banks failed.

The Dow Jones Industrial Average rose 16.46 points (0.12 percent) to 13,194.14 in the first five minutes of trade.

The broad-market S&P 500 advanced a tick, 0.09 point (0.01 percent) to 1,396.04, while the tech-rich Nasdaq Composite added 3.93 points (0.13 percent) to 3,043.81.

The positive opening on Wall Street followed a broad-scale rally on Tuesday that pushed the Dow to close at 13,177.68, a four-year high.

Fred Dickson, chief market strategist at DA Davidson & Co., noted the big rally had been unusual because volume did not rise sharply above the daily average of recent weeks.

"It left the major market indices dramatically overbought and extended from a short-term technical perspective," he said.


brandon mcinerney brandon mcinerney black friday 2011 deals nfl power rankings week 12 nfl power rankings week 12 brine turkey brine turkey

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.