Dow soared on upbeat US numbers

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Source: Dukascopy Bank SA
© Scanpix/AP
US blue chips surged on Thursday as positive US numbers reassured investors that the world's first largest economy is recovering. US private sector employment climbed more than expected in October. Moreover, CB consumer confidence soared to the highest level since February 2008. Encouraging PMI data from national economy and China also lifted US blue chips. The Dow Jones Industrial Average Index soared 1.04% to close at 13,232.62. All sectors within the index climbed. Technology firms and industrials were the strongest in the index. Cisco Systems and Hewlett-Packard rose 2.28% and 1.08% while Boeing and Caterpillar gained 0.50% and 3.35%. On the upside were also basic material producers, with El du Pont de Nemours and Alcoa adding 1.08% and 2.10%. Meanwhile, Exxon Mobil eased up 0.47% after reporting upbeat quarterly results. Walt Disney added 1.45% after the company stated that it would buy Lucasfilm for USD4.05 billion. At the same time, Pfizer dropped 1.29% as the firm's revenue declined after Pfizer lost patent protection on Lipitor.
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Fri, 02 Nov 2012 10:18:26 GMT

U.K. construction PMI grew unexpectedly last month

Markit, a market research group, reported on Friday that British construction sector grew unexpectedly last month, but U.K. firms continued to be cautious about the future. The Markit/CIPS Construction Purchasing Managers' Index climbed to 50.9, the highest since July, compared to a reading of 49.5 in the preceding month. Analysts, however, expected that the index would be equal to 49.1

Fri, 02 Nov 2012 11:13:11 GMT

US equities jumped on signs of economic recovery

US stocks rallied on Thursday amid positive US data releases. US private employment rose more than expected last month while PMI rose to five-month high in October. Market sentiment was further boosted by encouraging consumer confidence reading. US CB consumer confidence reached the highest level since February 2008 last month. The S&P 500 Index soared 1.09% to close at 1,427.59.

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