Good News Gives Dow 3rd Straight Triple Digit Gain
The Dow Jones industrial average has had its third straight triple-digit advance after investors got some unexpected good news about the economy.
The Commerce Department reported a better-than-expected jump in new home sales for June. Sales rebounded from a record low in May to an annual rate of 330,000 units, more than economists expected.
And FedEx Corp., which six weeks ago disappointed the market with its earnings outlook, raised its forecast and said it sees a moderate global recovery ahead.
The Dow rose 100 points, or 1 percent, to 10,525. The Standard & Poor's 500 index rose 12, or 1.1 percent, to 1,115.01. The Nasdaq composite index rose 26, or 1.2 percent, to 2,296.
Winning stocks outran losers by 4 to 1 on the New York Stock Exchange. Volume was light at 1 billion shares.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
