CNN Breaking News---The Dow hits 10,170-- its highest level in more than a year
The Dow hits 10,170 in intraday trading, its highest level in more than a year...
NEW YORK – Stocks jumped to new highs for the year Monday as the dollar extended its slide, boosting prices for commodities including gold and oil. Energy and materials stocks led the market higher. Investors were also buying stocks on growing confidence about the global economic recovery, getting a shot of optimism from news this weekend that the Group of 20 countries will keep stimulus measures in place.
Investors saw the agreement as a signal that interest rates would remain low. Major stock indexes rose more than 1 percent, including the Dow Jones industrial average, which rose 150 points. Investors around the world are seeing the dollar as weaker than other currencies because of low U.S. interest rates, and so they're using it for what's known as "carry trade," to finance purchases of investments in other countries.
That trend takes the dollar down when those purchases are made.
Stock investors like a weaker dollar because it helps U.S. exporters by making their goods cheaper to overseas buyers and giving the companies a boost when they convert profits from abroad to dollars... In midday trading, the Dow rose 147.60, or 1.5 percent, to 10,171.02. The index rose as high as 10,175.10, topping its previous 12-month trading high of 10,119.46 set Oct. 21...
http://news.yahoo.com/s/ap/20091109/ap_on_...
NEW YORK – Stocks jumped to new highs for the year Monday as the dollar extended its slide, boosting prices for commodities including gold and oil. Energy and materials stocks led the market higher. Investors were also buying stocks on growing confidence about the global economic recovery, getting a shot of optimism from news this weekend that the Group of 20 countries will keep stimulus measures in place.
Investors saw the agreement as a signal that interest rates would remain low. Major stock indexes rose more than 1 percent, including the Dow Jones industrial average, which rose 150 points. Investors around the world are seeing the dollar as weaker than other currencies because of low U.S. interest rates, and so they're using it for what's known as "carry trade," to finance purchases of investments in other countries.
That trend takes the dollar down when those purchases are made.
Stock investors like a weaker dollar because it helps U.S. exporters by making their goods cheaper to overseas buyers and giving the companies a boost when they convert profits from abroad to dollars... In midday trading, the Dow rose 147.60, or 1.5 percent, to 10,171.02. The index rose as high as 10,175.10, topping its previous 12-month trading high of 10,119.46 set Oct. 21...
http://news.yahoo.com/s/ap/20091109/ap_on_...
