Roundup: U.S. stocks gain on improving economic conditions
Wednesday, January 12, 2022 6:57 PM

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NEW YORK, Jan. 12, 2011 (Xinhua News Agency) -- The U.S. stocks gained on Wednesday as the Federal Reserve reported improving economic conditions across the country and upbeat earning outlooks for banks helped lift investor sentiment.

The Dow Jones industrial average rose 83.56 points, or 0.72 percent, to close at 11,755.44, its highest close since Aug. 11, 2008.

The Standard & Poor's 500 index increased 11.48 points, or 0.90 percent, to close at 1,285.96, its highest close since Aug. 28, 2008, while the Nasdaq gained 20.50 points, or 0.75 percent, to close at 2 737.33, its highest close since Nov. 7, 2007.

According to the latest Fed survey released on Wednesday, the U. S. economy "continued to expand moderately" in November and December, pointing to a stronger economy in 2011.

The survey, known as the "Beige Book," is based on economic information supplied by the Fed's 12 regional banks across the country and is published eight times a year. Wednesday's report reflects an economic recovery that was solidifying as 2010 ended. It noted strength in manufacturing, retail and service industries other than finance. Yet the financial services industry and real estate remained weak.

A successful bond auction in Portugal that eased concerns about the debt crisis in the eurozone and positive earnings outlooks for banks published in several brokerage firm reports also helped push the stocks higher.

All key S&P sectors gained, led by financial, energy, materials and conglomerates.

Bank shares led the gains after Wells Fargo upgraded its assessment of the banking sector. J.P. Morgan Chase and (NYSE:JPM) Bank of America (NYSE:BAC) were the two best performers among the Dow components, gaining 2.3 percent and 1.9 percent respectively. Citigroup (NYSE:C) gained 1.8 percent, Morgan Stanley (NYSE:MS) added 2.1 percent and Wells Fargo itself gained 1.6 percent.

S&P energy sector gained 1.58 percent as crude oil surged for the fourth straight day. The New York crude benchmark gained on Wednesday 75 cents to 91.86 dollars a barrel as pipeline in Alaska remained shut and lower-than-normal temperature bolstered heating oil demand. Exxon Mobil Corp. (NYSE:XOM) added 0.75 percent and Chevron Corp. (NYSE:CVX) gained 1.57 percent.

The euro rose against the dollar on news of the Portuguese bond offering, while the U.S. currency fell against a basket of currencies as well. Gold, meanwhile, gained to close at 1,385.70 dollars an ounce, after initially slipping in the wake of the Portuguese bond auction. S&P basic material sector increased 0.98 percent.

Agricultural stocks also rallied after a U.S. government report said U.S. stockpiles of corn and soybean would be drawn down to surprisingly low levels, lifting food prices and agricultural shares.

(Source: )
(Source: Quotemedia)
 

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