The United States markets opened on a strong note today amid reports that small businesses are creating more job opportunities in the country and faster than forecast growth in Chinese manufacturing sector. While Dow Jones Industrial Average has already crossed the 11,200 mark, a gain of 1.86 percent, Nasdaq is up by 1.96 percent to cross the 2,500 mark. The S&P 500 Index is at 1,200, a gain of 1.20 percent above its last day closing.
According to Paul Zemsky, the head of asset allocation at ING Investment Management, the United States economy relies heavily on the job market and it affects the equities. Figures of ADP Employer Services state that private companies created nearly 93,000 jobs in November 2010, which is far more than the figure of 70,000 expected by economists.
The major movers in the market today seems to be the technology and financial companies. While Apple Inc (NasdaqGS: AAPL) has started strongly and had gained 1.56 percent, JP Morgan Chase & Co (NYSE: JPM) is up by 1.36 percent. Similarly, Google Inc (NasdaqGS: GOOG) has an upward swing of 1.96 percent in Today's trading so far. Bank of America Corporation (NYSE: BAC), which had a lousy day on Tuesday, is already up by 0.55 percent.
The pharmaceutical companies seem to have recovered from their negative performance of Tuesday to start the day on a positive note. The AMEX Pharmaceutical Index is up by 1.13 percent in the day's trading till now. Johnson & Johnson (NYSE: JNJ), which showed a negative result on Tuesday's trading following the fine imposed on it by a Dutch tribunal, has already gained 1.01 percent above its last day trading.
The world market also seems to be highly encouraged by the strong growth forecast of Chinese manufacturing industry. Global stocks rose before trading started in the United States. While the Euro Stoxx 50 index rose 1.6 percent, China's Shanghai Composite Index rose 0.1 percent in the day's trading. Similarly, Hong Kong's Hang Seng rose 1.1 percent during the day.
