News from across the continent
06/03/2013 01:17:17 AM
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Publish Date05/03/2013 10:12:32 PM
Last Update06/03/2013 07:06:57 AM
The world`s leading economy saw its shares continuing their incline till the local stock market closed not forgetting that as soon as the market opened we watched the Dow Jones actually surged to its a fresh record setting a session high at 14286.37 and ended with new closing high adding 126 points to 14253.77 to actually erase losses from the financial crisis after a four-year rally fueled by the fastest profit growth since the 1990s and monetary stimulus from the Federal Reserve.
Furthermore Dow profits are projected by analysts to increase 9.2 percent this year and 9 percent next year. Profit from companies in the S&P 500 will exceed $120 a share by next year, double the level in 2008, according to Wall Street estimates.
Plus further optimism was shed on the local stock market after that the Institute for Supply Management (ISM) released its non-manufacturing report for February on Tuesday, where it showed economic activity in the non-manufacturing sector grew for the 38th successive month.
Having in mind that a reading above 50 percent indicates the non-manufacturing sector economy is generally expanding; below 50 percent indicates the non-manufacturing sector is generally contracting. Note that the services sector comprises around 70 percent of the U.S. total output.
In New York Dow Jones Industrial Average settled 125.09 points -0.89 percent- higher at 14253.77, the S&P 500 rose by 14.59 points or 0.96 percent to 1,539.79 and finally the Nasdaq Composite rose by 42.10 points or 1.32 percent to 3224.13.
As for the dollar index, which measures the performance and strength of the green Benjamin in front of a group of major currencies, it rose to trade around 82.20 recording a high of 82.24 and a low of 81.90.
Plus the gold narrow traded around $1576.70 while that black gold narrow traded around $90.42 an ounce.
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