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Wall street open green, as optimism rise over federal budget

Publish Date29/11/2012 04:28:55 PM

Last Update29/11/2012 04:37:14 PM

Wall street open green, as optimism rise over federal budget

U.S stocks rose amid optimism that an agreement over the federal budget will be made as soon as possible, as Standard & Poor’s 500 index extended its three week high, while the second reading of the U.S. third quarter GDP showed a positive revision.

The U.S Department of Commerce released the second reading for third quarter Gross Domestic Product, showing an expansion of 2.7%, slightly missing the estimate of 2.8%, compared to the prior reading of 2.0%.

The U.S Jobless Claims Report showed a drop in unemployment beneficiaries, missing the analysts estimates, while the Housing Sector showed a notable improvement as Pending Home Sales reached its highest since May, which might have had the positive effect on Wall Street.

As of 10:11 am New York time, The Dow Jones Industrial Index rose by 25.50 points or 0.20% to 13010.61 points, while S&P 500 increased by 6.89 points or 0.49% to 1416.82 points, whereas the Nasdaq Index rose by 13.26 points or 0.44% to 3005.04 points.

The best performing shares in the Dow Jones Index were led by the Industrial, Financial, and Healthcare Sectors respectively, while the leading sectors inside the S&P 500 were Basic Materials, Gas & Oil, and Healthcare sectors respectively.

The Dollar Index, which measures the value of the U.S dollar against six other majors, including the Euro, Yen, and Pound Sterling, opened at 80.32 and retreated to trade around 80.18, and reached a high of 80.35 and low of 80.02.

Moreover, Gold price inched up slightly to trade around $1724.82 per ounce, after opening at $1722.52 per ounce, while Crude Oil prices have increased and trading around $88.35 per barrel, after opening at $86.67 per barrel.




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